The Dow snapped a losing streak thanks to a surge in Big Tech stocks
Stocks rose today, the Dow reversing course after two days of triple-digit losses as investors flocked toward major tech names in the face of a third-wave of coronavirus infections. The blue-chip index tacked on almost 45 points, after data from Johns Hopkins University showed that the seven-day average of daily new U.S. COVID-19 infections is now over 161,000, and the death toll has topped 250,000. Meanwhile, the S&P 500 and the tech-heavy Nasdaq Composite finished higher too, after FAANG stocks and Microsoft (MSFT) all notched wins. Also boosting sentiment is news from Senate Minority Leader Chuck Schumer, that Majority Leader Mitch McConnell is willing to resume stimulus relief talks.
Continue reading for more on today's market, including:
- Increased wages sent this coffee stock stumbling.
- Billion-dollar buyout boosts Nasdaq stock.
- Plus, why L Brands stock is all the rage; the latest pharmaceutical company to update their vaccine candidate; and one food giant worth paying attention to.
The Dow Jones Industrial Average (DJI - 29,483.23) rose 44.8 points, or 0.2%. Salesforce.com (CRM) rose to top of the list today, after it gained 2.9%. Meanwhile, UnitedHealth (UNH) paced the laggards with a 2.2% drop.
Meanwhile, the S&P 500 Index (SPX - 3,581.87) gained 14.1 points, or 0.4%, for the day. The Nasdaq Composite (IXIC - 11,904.71) added 103.1 points, or 0.9% for the day.
Lastly, the Cboe Volatility Index (VIX - 23.11) fell 0.7 point, or 3.1% for the day.
- The U.S. Centers for Disease Control and Prevention (CDC) is recommending Americans do not travel for the upcoming Thanksgiving holiday in order to curb the spread of COVID-19. (CNBC)
- U.S. President Donald Trump's re-election campaign announced it will withdraw a lawsuit in Michigan. Also worth noting, battleground state Georgia was expected to affirm Joe Biden's victory following a recount. (Reuters)
- Options traders and bulls piled on L Brands stock following earnings.
- AstraZeneca is the latest company to provide a coronavirus vaccine update.
- Why Campbell Soup stock is worth looking into.
Oil, Gold Slip Amid Rising COVID-19 Infections
A surge in global coronavirus cases sent oil prices slightly lower today, as concerns about the outlook of black gold demand dampened investor sentiment. In response, December-dated crude shed 8 cents, or 0.2%, to settle at $41.74 a barrel.
Gold prices fell, too, as the progress of a COVID-19 vaccine, as well as a strengthening U.S. dollar, boosted hopes of a smooth economic recovery. As a result, December gold lost $12.40, or 0.7%, to settle at $1,861.50 an ounce for the day, its third session lower.