In Today's Update:
1) Traders and Investors are still hopeful that a trade deal can be reached between the U.S. and China as stocks post gains for the second straight session. The Dow Jones Industrial Average gained 117.51 or 0.46%, the S&P 500 added 8.30 or 0.30% while the Nasdaq 100 closed higher by 5.76 or 0.08% and the Russell 2000 finished higher by 4.71 or 0.31%.
2) Crude Oil Futures jumped $0.85 or 1.60% after Saudi Arabia's Energy Minister Khalid al-Falih said production will drop below 10 million barrels per day in March while Gold Futures dropped $4.70 or 0.36% after the U.S. dollar moved significantly higher. The Bond market traded lower and the yield on the 10-year treasury note edged up to 2.702%.
3) Bank stocks are not performing as well as they need to be to drive the equity markets higher. Stocks like Goldman Sachs (GS), Morgan Stanley (MS), and JP Morgan (JPM) are all struggling and are not showing any signs of strength or momentum. For this rally to continue, Financials need to overcome resistance and lead the way higher.