The markets pulled off their correction territory lows today as investors once again tried to buy the dip. The Dow 30 was higher by 430, the S&P 500 closed higher by 41, and the Nasdaq 100 added 111 on the day.
While investors are looking to put an end to a rough month, the statisticians note that when the S&P 500 was down 8% or more in a month with only two days to go, it bounced higher by an average of 2.75% in 80% of cases dating back to 1952.
Sector News
Oil prices fell today on news that crude output from Russia, US, and Saudi Arabia reached 33 million barrels a day, which was higher than expected. In addition, it was reported that Iran was rapidly selling oil ahead of the Trump sanctions that take effect in just a few days.
Semiconductors were higher on the day thanks to easing trade war concerns as well as earnings from names like KLA-Tencor (NASDAQ: KLAC) and others. The semiconductor sector has been hovering near lows over the last 5 days as traders pick and choose their bottom.
Stock News
Coca-Cola (NYSE: KO) shares were higher today on earnings as the company reported a beat of 3 cents and revenue that was higher than expected. The company attributed this to higher organic sales which grew by 6%. Technical traders noted the breakout above a three-month range.
General Electric (NYSE: GE) shares broke to new lows today as the company reported an earnings miss by 6 cents. Revenue also came in lower than expected. Analysts had already lowered their expectations for the name. The new CEO also took the opportunity to cut their dividend to 1 cent per share, down from 12 cents.
Under Armour (NYSE: UA) shares blasted higher today as the company easily beat earnings forecasts. The company was expected to post 12 cents a share but reported 25. Revenue was well above expectations as well, since the company said overseas sales were a tailwind for the quarter.