The Dow kicked off 2020 with a flourish, finishing up over 330 points, its best session since Dec. 6. The blue-chip index nabbed a fresh intraday high in the process, thanks to the latest weekly jobless claims data and stimulus chatter out of China. The S&P 500 and Nasdaq also posted solid wins and fresh record highs, with the latter nabbing its biggest percentage gain since Oct. 11 on a surging semiconductor sector.
Continue reading for more on today's market, including:
- This is the best S&P stock to own in the first quarter, by a landslide.
- AMD options bulls are eyeing even more gains.
- Plus, a defense stock to target now; weed name gets "top pick" status; and a downgrade weighs on Hanesbrands.
The Dow Jones Industrial Average (DJI - 28,868.80) added 330.4 points, or 1.2%. Walt Disney (DIS) led the 24 winners with a 2.5% pop, while Dow Inc (DOW) paced the six laggards with a 1.8% dip.
The S&P 500 Index (SPX - 3,257.85) settled 27.1 points, or 0.8%, higher, while the Nasdaq Composite (IXIC - 9,092.19) tacked on 119.6 points, or 1.3%.
The Cboe Volatility Index (VIX - 12.47) lost 1.3 points, or 9.5%.
5 Items on Our Radar Today
- While Wall Street starts 2020 off on the right foot, bitcoin stumbled out of the gate. The enigmatic cryptocurrency dropped as much as 4% today, dipping below the $7,000 level, and earlier traded at its lowest point in three weeks. Bitcoin gained 95% in 2019. (Bloomberg)
- The U.S. Food and Drug Administration (FDA) announced today it was banning most flavored e-cigarettes, including fruit, candy, mint, and dessert flavors. Menthol and tobacco flavors will remain, a departure from President Donald Trump's promise to ban all vaping flavors. (MarketWatch)
- Grab HII stock to start the year off strong.
- Jefferies named Aphria its top pick in the cannabis industry.
- Hanesbrands stock was hit with a double downgrade today.
There are no earnings of note today.
Data courtesy of Trade-Alert
Seventh Heaven for Gold
Oil inched higher today, with some speculating growing tensions between the U.S. and Iran could create possible disruptions to crude supply. February-dated crude futures added 12 cents, or 0.2%, to end at $61.18 per barrel.
Gold logged its seventh straight win today, to hit its highest amount since late September. February gold futures settled up $5, or 0.3%, end at $1,528.10 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.