The Dow finished nearly 300 points higher after Trump eased Syria fears
President Donald Trump's morning tweet managed to ease concerns about imminent U.S. missile strikes in Syria, sending the Dow nearly 300 points higher by the close. The president met with military advisors today, and said a decision on Syria will be made "fairly soon." Tech and financial stocks led the charge, giving a welcome lift to the Nasdaq and S&P as well, with traders seemingly optimistic ahead of a batch of big bank earnings tomorrow.
Continue reading for more on today's market, including:
- Bulls are going AWOL -- and what it means for stocks.
- Buy this bank stock before earnings.
- The drug stock that could heat up this spring.
- Plus, how oil bulls are cashing in; one biotech's rare downgrade; and a big name airliner's earnings lift.
The Dow Jones Industrial Average (DJI - 24,483.05) gained 293.6 points, or 1.2%. Intel (INTC) was the biggest of the 24 gainers, surging 3.2%. McDonald's (MCD) was the biggest loser, falling 1.1%.
The S&P 500 Index (SPX - 2,663.99) picked up 21.8 points, or 0.8%. The Nasdaq Composite (IXIC - 7,140.25) saw a gain of 71.2 points, or 1%.
The Cboe Volatility Index (VIX - 18.49) lost 1.8 points, or 8.7%, for the day.
5 Items on Our Radar Today
- Reports have surfaced that Iraq has postponed its oil auction, after making last-minute changes to the contract. The country is putting up the rights to 11 oil and natural gas deposits, and has allegedly rescheduled the auction for April 25. (Bloomberg)
- Outgoing CIA Director and President Trump's current nominee for Secretary of State, Mike Pompeo, stated today that "bad behavior" by Russia is to blame for tensions between the U.S. and Moscow. He also said America needs to "make sure that Vladimir Putin doesn't succeed in what he believes his ultimate goal is," and supported more sanctions against Russia. (Reuters)
- How option bulls cashed out on this oil ETF.
- Biotech that just received a rare downgrade.
- Upbeat earnings lifted this big name airliner.
Data courtesy of Trade-Alert
Gold Ends Winning Streak on Rate-Hike Worries
Lingering tensions in the Middle East, as well as the Organization of the Petroleum Exporting Countries (OPEC) upwardly revised demand forecast for 2018, helped crude futures touch another three-year high. May-dated oil finished Thursday 25 cents, or 0.6%, higher, to settle at $67.07 per barrel.
Gold ended its four-day winning streak, as the dollar strengthened and minutes from the March Fed meeting underscored the path of additional rate hikes. June-dated futures ended $18.10, or 1.3%, lower, at $1,341.90 per ounce.