Six Straight Wins For Dow; Nasdaq Snaps Skid
The Dow cruised to a sixth straight win today, its longest winning streak since early June. Thanks to outsized gains from Apple (AAPL) and the latest trade tailwinds, the blue-chip index spent nearly the entire day in the black, and closed above the 27,000 level for the first time since July 30. The S&P 500 and Nasdaq also earned wins, with the latter snapping a three-day losing streak thanks to a resurgent tech sector. Elsewhere, Wall Street's "fear gauge" -- the VIX -- closed at its lowest point since July 30.
Continue reading for more on today's market, including:
- Call buyers could hit it big with these 2 pharma stocks.
- GameStop stock ended its recent winning streak after an earnings flop.
- iQiyi calls were hot during today's pop.
- Plus, 2 stocks that soared after earnings; puts pop on Broadcom; and Micron gets upgraded.
The Dow Jones Industrial Average (DJI - 27,137.04) recorded a 227.6-point, or 0.9%, gain. Boeing (BA) had the best day of the 21 blue-chip gainers, finishing up 3.6%, while International Business Machines (IBM) led the nine laggards with its 1% drop.
The S&P 500 Index (SPX - 3,000.93) gained 21.5 points, or 0.7%, to close above 3,000 for the first time since July 20. The Nasdaq Composite (IXIC - 8,169.68) closed up 85.5 points, or 1.1%.
The Cboe Volatility Index (VIX - 14.61) shed 0.6 point, or 3.9%.
5 Items on our Radar Today
- A Scottish civil court ruled today that U.K. Prime Minister Boris Johnson's suspension of Parliament until Oct. 14 was unlawful. Johnson is pushing for a no-deal Brexit deal to get Britain out of the European Union (EU) by Oct. 31, and the U.K. government appeal against the proroguing will be heard next week by Britain's Supreme Court. (BBC)
- The White House reportedly met with representatives from both the biofuel and oil refining industries in order to reach a deal that expands ethanol blending mandates. The Trump administration apparently said a deal must be reached by Friday in order to reopen a previous agreement from June. (Reuters)
- Earnings beats led to these two stocks to big days.
- Put traders came out of the woodwork ahead of Broadcom earnings.
- An upgrade helped Micron stock vault past the $50 level.
Data courtesy of Trade-Alert
Oil Extends Losses; Gold Reclaims $1,500
Oil prices finished lower today for the second straight day, after reports indicated President Donald Trump was considering easing U.S. sanctions against Iran. Also weighing on black gold was the Organization of the Petroleum Exporting Countries' (OPEC) decision to trim its demand forecast for next year. October-dated crude futures fell $1.65, or 2.9%, to settle at $55.75 per barrel.
Gold rebounded today to reclaim the key $1,500 per-ounce level, as expectations for a Fed rate cut next week ramped up after President Trump's tweets. Gold for December delivery closed down $4, or 0.3%, at $1,503.20 an ounce.
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