Tech shocks surged as the NASDAQ hit a new high and shares of Amazon and Faceplant both pushed the envelope to record levels. The Dow also rebounded as trade war issues subsided after new negotiations between China and the US were hinted at. At the close the Dow registered a 225 point gain at 24,925. Trading volume was higher. Big banks will report earnings tomorrow.
WTI crude oil prices continue to hold above $70 per barrel after dropping 5% a couple days ago when Libya announced that it was exporting oil again through ports that had been shut down due to conflicts between rival groups. This increase in production from the Middle East will offset tight supplies of oil from Canada. US stockpiles of crude fell 13 million barrels to the lowest level in two years. WTI closed the day at $70.23 and is up from $46 per barrel a year ago.
Shares of Amazon surged to a new all-time high after an analyst wrote about Amazon’s effort to become an e-commerce vehicle for branded merchandize. Brian “B-Mac” McGough wrote that a recent deal between Nike and Amazon will feature an entirely new customer experience that combines Amazon’s distribution efficiency with Nike’s ability to make and market a $160 pair of tennis shoes. B-Mac thinks this will be a new growth area for Amazon as companies with brand recognition will gravitate to the platform where they can market their name but outsource the logistics of getting product to the customer.