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Stocks Hold Modest Gains; Netflix Snaps Back; Bitcoin Volatile As Ever | Stock News & Stock Market Analysis

Major stock indexes held gains of around 0.1% in afternoon trading Thursday as headline flow slowed to a crawl ahead of New Year’s Day.

Buyers came into Netflix (NFLX) after a period of sluggish performance. Shares popped 5.86 to 192.10, but the stock is still trying reclaim the 50-day moving average.

Volume has dried up in the market as 2017 winds down, but market technicals overall remain positive. The Nasdaq composite is still nicely above the 50-day moving average as trades just below the 7,000 level. The S&P 500, meanwhile, is trading tightly near highs as it sits just below the 2,700 level.

U.S. crude oil futures edged lower to around $59.57 a barrel after the Energy Information Administration said crude inventories fell by 4.6 million barrels last week. Gasoline stocks increased by about 590,000 barrels.

In the stock market today, it was another  volatile session for Bitcoin as investors worried about comments from South Korea that warned of tighter regulation after a digital currency exchange in the country was hacked and went bankrupt last week. Bitcoin Investment Trust (GBTC) fell around 7% to 2,000. After hitting a high of 3,523 last week, GBTC is more than 40% off its recent high.

Elsewhere, Constellation Brands (STZ) broke out over a 227.30 buy point ahead of next week’s earnings report. Shares rose 1.82 to 227.80. Results are due Friday before the open.

Open Text (OTEX) was another big mover. Shares gapped up over a 35.55 buy point but the stock was off session highs. Shares still rose 2.37 to 35.38.


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