The Dow cruised to a 353-point win today, for its highest close since May 3. Wall Street cheered reported progress in U.S.-China trade relations, after President Donald Trump tweeted about "an extended meeting" with Chinese President Xi Jinping at next week's G-20 summit . The S&P 500 and Nasdaq both soared as well, as trade-sensitive chip stocks rallied, and as energy stocks surged with oil prices . Elsewhere, investors are awaiting the conclusion of the Fed meeting tomorrow, and are eager to dissect comments from Fed Chair Jerome Powell for clues about a summer rate cut. In the meantime, Larry Kudlow, head of the National Economic Council, shot down a Bloomberg report that the White House is looking to remove Powell from the position.
Continue reading for more on today's market, including:
- Goldman Sachs loves these 3 solar stocks .
- Penny stock that exploded after a blockchain deal.
- This cloud stock could heat up this summer.
- Plus, steel options in demand; a chip stock chasing triple digits; and a warning on Lennar.
The Dow Jones Industrial Average (DJI - 26,465.54) gained 353 points, or 1.4%, in today's trading. Boeing ( BA ) led the 23 winners with a 5.4% gain, while Procter & Gamble ( PG ) paced the seven losers with a 1.3% drop.
The S&P 500 Index (SPX - 2,917.75) added 28.1 points, or 1%, while the Nasdaq Composite (IXIC - 7,953.88 ) tacked on 108.9 points, or 1.4%.
The Cboe Volatility Index (VIX - 15.15) gave back 0.2 point, or 1.3%.
5 Items on our Radar Today
- Britain took a step closer to naming a new new prime minister . Brexit campaigner Boris Johnson earlier won 126 votes in the second round of a contest to replace Prime Minister Theresa May. Johnson will face a third round of elections, and plans to bring Britain out of the European Union (EU) by Oct. 31, with or without an E.U. deal. ( Reuters )
- E-sports continue to grow at a frenetic pace across the globe. The world electronic games market will generate $152.1 billion in 2019, up 9.6% from last year, per estimates from Newzoo. More specifically, U.S. gaming revenue will reach $36.9 billion this year -- overtaking China -- thanks to the wildly popular Fortnite game. ( Reuters )
- U.S.-China trade buzz sparked an appetite for steel options .
- This chip stock is chasing triple-digit territory.
- Lennar stock just picked up a bear note ahead o f earnings .
There is no earnings chart today.
Data courtesy of Trade-Alert
Oil and Gold Soar on Trade Deal, Central Bank Hopes
Oil surged as well today, taking its cues from the U.S.-China trade optimism. By the close, July-dated crude added $1.97, or 3.8%, to end at $53.90 per barrel, its highest settlement in nearly two weeks.
Gold joined in on the fun too, with August-delivered gold adding $7.80, or 0.6%, to settle at $1,350.70 an ounce -- a 14-month peak. The safe-haven asset got a boost after European Central Bank (ECB) President Mario Draghi made comments that hinted at potential stimulus measures soon.