The Dow shook off early losses stemming from an Intel downgrade
The Dow managed to shake off early losses from downgraded Intel (INTC) stock, with help from Walt Disney (DIS) shares, which muscled higher ahead of earnings. Meanwhile, the S&P and Nasdaq gained ground -- and the latter notched a fifth straight gain -- amid reports Facebook (FB) is talking to banks about offering Messenger users financial services. Strong earnings also helped stocks, with Tyson Foods (TSN) and Warren Buffett's Berkshire Hathaway (BRKA) among the notable winners.
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The Dow Jones Industrial Average (DJI - 25,502.18) gained 39.6 points, or 0.2%. Twenty-three blue chips closed the day higher, led by DIS, which picked up 1.6%. IBM paced the decliners with a 1.1% drop.
The S&P 500 Index (SPX - 2,850.40) rose 10 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,859.68) picked up 47.7 points, or 0.6%.
The Cboe Volatility Index (VIX - 11.27) lost 0.4 point, or 3.2%, for the day.
5 Items on our Radar Today
- California's Mendocino Complex Fire has been named the second-largest wildfire ever recorded in the Golden State, and has made its way through roughly 273,664 acres of land -- nearly the size of Los Angeles. President Donald Trump declared a state of emergency on Sunday, while firefighters say it could take at least nine more days to contain the blaze. (Reuters)
- City supervisors and small businesses are pushing for an end to free lunches currently provided to workers at the majority of San Francisco tech companies. Local restaurants say the lack of push to get employees out of the office during their lunch hour has taken a toll on local restaurants, and defeats the purpose behind recent Mid-Market tax breaks. (CNBC)
- Which drug stock landed a bull note before earnings.
- Option bulls just charged Blink (BLNK) stock on Tesla (TSLA) rumors.
- Play this auto stock's sell signal with put options.
Data courtesy of Trade-Alert
Iran Sanctions Lift Oil; Gold Falls on Firm Dollar
Oil finished higher after the Trump administration vowed to reimpose sanctions on Iran, and Organization of the Petroleum Exporting Countries (OPEC) reps said Saudi Arabian output fell in July. September-dated crude ended 0.8%, or 52 cents, higher, to settle at $69.01 a barrel.
As the dollar continued to move higher, gold fell. December-dated gold ended $5.50, or 0.4%, lower, to finish at $1,217.70 per ounce.