November 29, 2018

Coming off yesterday’s 600 point Dow rally, profit taking was the order of the day in the early going as traders moved to lock in gains ahead of this weekend’s G20 summit in Argentina.  All eyes will be on President Trump’s meeting with the Chinese President as we look for some break in the trade standoff.

Dow opened -25

At the close:

  • DOW -27 to 25339
  • S&P -6 to 2738
  • NASDAQ -18 to 7273
  • OIL +1 to 51.40
  • GOLD unchanged @ 1223

In corporate news shares of struggling retailer Express, already down 30% for the year, lost another 20% at the open today despite a better than expected quarterly report, as guidance was well below expectations but the shares did rally back to close -5%.  Shares of another struggling retailer, Abercrombie and Fitch, were 21% higher on a strong quarterly report and upbeat guidance that may be suggesting a turnaround for the teen retailer.   La Z Boy gained 12% at the open after they reported sales and earnings above expectations but closed up just 2%.