Turkey's currency rebounded from record lows
U.S. stocks finished the day higher as the Turkish lira stabilized and upbeat corporate earnings moved into the spotlight. Although Home Depot (HD) stock ended the day with a modest loss, despite the company's upwardly revised full-year forecast, the Dow enjoyed a triple-digit lift -- and snapped a four-day losing streak -- amid healthy gains out of the banking and tech sectors.
Continue reading for more on today's market, including:
- 2 penny stocks analysts expect to double.
- Options traders set a ceiling for Cisco before earnings.
- Barclays: This is the worst stock of the hospital sector.
- Plus, behind Boyd Gaming's surging call volume; the retail stock poised for a breakout; and Goldman says "sell" this aluminum stock.
The Dow Jones Industrial Average (DJI - 25,299.92) gained 112.2 points, or 0.5%, snapping its four-day losing streak. Walgreens (WBA) led the 20 advancing blue chips with a 3.3% gain, while Intel (INTC) paced the 10 decliners with a 0.7% drop.
The S&P 500 Index (SPX - 2,839.96) picked up 18 points, or 0.6%, while the Nasdaq Composite (IXIC - 7,870.89) saw a lift of 51.2 points, or 0.7%.
The Cboe Volatility Index (VIX - 13.31) fell 1.5 points, or 10%, for the day.
5 Items on our Radar Today
- Yesterday evening, Tesla (TSLA) CEO Elon Musk expanded on his recent tweet about taking the company private, clarifying that his "funding secured" comment was regarding talks with a Saudi sovereign fund. Musk also said he's working with Goldman Sachs and Silver Lake, among others, as financial advisors, though Bloomberg reported Goldman hadn't been formally tapped by Musk before the Aug. 7 tweet. (MarketWatch; Bloomberg)
- A man was detained in London after aggressively driving a vehicle into pedestrians, cyclists, and into a barrier outside the House of Parliament. Three people were injured, and the driver -- only identified as a British citizen who "came from another country originally" -- was arrested on account of "suspicion of terrorist offenses." (Reuters)
- Boyd Gaming stock's upgrade sparked a surge in call volume.
- The retail stock poised for a breakout.
- Aluminum stock slammed with a "sell" rating at Goldman Sachs.
Data courtesy of Trade-Alert
Gold Bounces Back Above $1,200
Despite being higher in early trading, oil prices finished lower, as a stronger dollar overshadowed reports of lowered crude output out of Saudi Arabia. September-dated oil fell 16 cents, or 0.2%, to settle at $67.04 per barrel.
Gold managed to finish the day higher, rebounding from yesterday's steep losses in spite of the dollar touching a 14-month high against a basket of foreign currencies. December-dated futures picked up $1.80, or 0.2%, to settle at $1,200.70 per ounce.