The Dow tallied its fourth-straight daily win, finishing up over 227 points, with a boost from Goldman Sachs' (GS) earnings beat and several travel stocks. Specifically, American Airlines (AAL) and United Airlines (UAL) rose thanks to Moderna's (MRNA) vaccine news. The S&P 500 and Nasdaq also finished in the black, with tech stocks closing mixed after a midday slump. Meanwhile, the Fed's report from the "Beige Book" that economic activity has increased proved to create some optimism, though levels are still well off from where they were before the pandemic.
- Moderna stock soared following vaccine results.
- Two stocks blasted by options bulls.
- Plus, Best Buy joins list of stores enforcing face masks; online tutoring name sees a bullish signal; Enterprise parent ebbs on bear note.
The Dow Jones Industrial Average (DJI - 26,870.10) rose 227.5 points, or 0.9% for the day. Boeing (BA) rose to the top of the Dow, finishing 4.4% higher, while UnitedHealth (UNH) fell to the bottom, losing 1.4%.
Meanwhile, the S&P 500 Index (SPX - 3,226.56) gained 29 points, or 0.9% for the day. The Nasdaq Composite (IXIC - 10,550.49) added 61.9 points, or 0.6% for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 27.76) lost 1.8 points, or 6%, for the day.
5 Items on Our Radar Today
- North Carolina Governor Roy Cooper ordered public schools to reopen if they could maintain social distancing, but is allowing parents to opt for online learning. Schools also have some flexibility via school district decision-making. (Reuters)
- Apple has won its court battle over a $15 billion tax bill in Ireland. The General Court of the European Union, Europe's second highest court, annulled a ruling saying that Apple gained an unfair tax advantage from its Irish businesses. (MarketWatch)
- Best Buy stock backs mask wearing.
- Analyst optimism surrounds Chegg stock after recent highs.
- CTL is seeing attractively priced premiums amid high call volume.
Data courtesy of Trade-Alert
Oil Rises on New EIA Data
Oil prices rose today, after data from the Energy Information Administration (EIA) showed a 7.5-million-barrel decline in U.S. crude supplies for last week -- the largest weekly decline in 2020 so far. Also, OPEC+ cut production to 7.7 million barrels per day starting in August. August-dated crude rose 91 cents, or 2.3%, to settle at $41.20 a barrel.
Gold futures ended with a modest gain, boosted by the weakness of the U.S. dollar, though further gains were likely pared by positive news surrounding a coronavirus vaccine. Gold for August delivery gained 40 cents, or 0.02%, to settle at $1,813.80 an ounce.
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