Wall Street is still rallying off Monday's steep sell-off, with all three major benchmarks nabbing their fourth-straight wins. The Dow settled 238 points higher to hit a new record closing high, while the S&P 500 and Nasdaq both marked fresh record closes as well. For the week, all three indexes landed in the black. Big Tech boosted the market today, after several big-name social media apps posted strong earnings. Elsewhere, the IHS Markit's flash composite Purchasing Managers' Index (PMI) for the U.S. fell to 59.7 in July, down from June's reading of 63.7 -- marking a four-month low.
Continue reading for more on today's market, including:
- Household electronics name with multi-tiered chart support in place.
- Breaking down how options assignment works for traders.
- Plus, behind EDU's plummet; and two stocks hit with bull notes after earnings.
The Dow Jones Average (DJI - 35,061.55) rose 238.2 points, or 0.7% for the day, and 1.1% for the week. Of the 30 Dow components, Visa (V) was at the top of the list today, adding 2%, while Intel (INTC) landed at the bottom of the list with a 5.3% drop.
The S&P 500 Index (SPX - 4,411.79) gained 44.3 points, or 1%, for the day, and 2% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,836.99) tacked on 152.4 points, or 1%, for the day, and 2.8% for the week.
Lastly, the Cboe Volatility Index (VIX - 17.20) lost 0.5 point, or 2.8% for the day, and 6.8% for the week.
- U.S. Commerce Secretary Wilbur Ross is one of the seven people China’s Foreign Ministry said the government is sanctioning after the U.S.' Hong Kong warning. (Bloomberg)
- In order to deter theft of unemployment benefits, the state of California will issue chip-enabled debit cards. (CNBC)
- EDU careened into penny stock territory after a potential non-profit ruling in China.
- Options traders targeted Skechers stock after a record-setting earnings report.
- Analysts chimed in with bull notes for soaring SNAP.
Gold Snaps 4-Week Win Streak
Oil prices rose for the fourth-straight day after Monday's plunge, as investors continue to monitor supply and demand amid a backdrop of surging Covid-19 cases. September-dated crude rose 16 cents, or 0.2%, to settle at $72.07 a barrel. For the week, prices based on the front-month contract prices rose 0.7%.
Gold futures finished lower today, with pressure from rising Treasury yields and the U.S. dollar. August-dated gold fell $3.60, or 0.2%, to settle at $1,801.80 an ounce. For the week, gold futures lost 0.7%, snapping a four-week win streak.
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