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Trading Lessons

US Interest Rates Up Quarter Percent, Stock Market Loved It

Stock-Markets / Stock Market 2017 Mar 16, 2017 - 10:13 AM GMT

By: Harry_Boxer

Stock-Markets

Fed Yellen raised interest rates a quarter percent today and the stock market loved it. The Nasdaq 100 popped early, and then pulled back, but the S&P 500 kept going up all morning. By midday, just before the FOMC, they pulled back just a little going into that meeting, and then exploded. They pulled back again and rallied sharply. Only at the end of the day did they pull back a little to pare back the profits.


Net on the day, the Dow was up 112.73 at 20,950.10. The S&P 500 was up 19.81 to 2385.26. The Nasdaq 100 was up 34.08 at 5416.25.

Advance-declines were almost 6 to 1 positive on the New York Stock Exchange, and 6 to 1 positive on the Nasdaq. Up/down volume was 7 to 1 positive on New York, total volume of 3.85 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mostly red today, however, Priceline.com (PCLN) dropped 1.02 to 1767.98, while Alphabet Inc. (GOOG) was up 1.58 to 847.20, Apple Inc. (AAPL), reaching a new all-time high, up 1.47 to 140.46, Amazon.com, Inc. (AMZN) up 44 cents to 852.97, and Netflix, Inc. (NFLX) 2.06 to 145.25.

Baidu, Inc. (BIDU) fell 80 cents to 172.04, Facebook, Inc. (FB) popped 40 cents to 139.72, and First Solar, Inc. (FSLR) snapped back 93 to 33.00.

Downgraded today, Tesla Motors, Inc. (TSLA) dropped 2.27 to 255.73.

Biotech’s did great today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 3.11 to 54.56, with a high of over 55.00 at one point. Bluebird bio, Inc. (BLUE) was up 5.85 to 97.85, Clovis Oncology Inc. (CLVS) up 4.98 to 71.93, Supernus Pharmaceuticals, Inc. (SUPN) up 1.15 to 28.50, and Xencor, Inc. (XNCR) 1.00 to 24.82.

Other stocks to the upside included Checkpoint Therapeutics Inc. (CKPT), up 1.19 to 100.73, Deere & Company (DE), one of our swing trades, up 1.58 to 110.79, Exelixis, Inc. (EXEL) 1.06 to 22.80, Shopify Inc. (SHOP) 1.01 to 64.84, Terex Corporation (TEX) 1.06 to 31.09, and United States Steel Corp. (X) 1.94 to 37.66.

On the downside, Edits Medicine Inc. (EDIT) got hit by an article in Forbes, down 1.40 to 24.64, and Achaogen, Inc. (AKAO) got hammered down 2.85 to 22.40 on a secondary.

Checking TheTechTrader.com percent-gain leaderboard, Cerulean Pharma Inc. (CERU) ran 74 cents, or 33%, to 2.98, on 3.1 million shares traded. GSI Technology, Inc. (GSIT) bounced 89 cents, or 11%, to 8.89. magicJack VocalTec Ltd. (CALL) climbed 75 cents, or 10%, to 8.10.

CARBO Ceramics Inc. (CRR) snapped back 1.11, or 10%, to 11.80, on 1.1 million shares traded.

The Direxion Daily Jr Gold Miners Bull 3X ETF (JNUG) had a great day today as gold rallied, jumping 1.89, or 33%, to 7.61, on 137 million shares traded.

Among other gainers, Fogo de Chao, Inc. (FOGO) was up 1.35 to 14.60, U.S. Silica Holdings, Inc. (SLCA) up 3.18 to 47.21, and many other gainers, just too many to show.

Good Trading!

Harry

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Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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