Dow Adds Triple Digits on China Trade Hopes

Gold suffered its worst week since May 2017

Managing Editor
Aug 17, 2018 at 4:23 PM
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The Dow finished another session up triple digits, surging amid reports Chinese President Xi Jinping and U.S. President Donald Trump are working on plans to resolve their trade dispute ahead of meetings in November. As such, the Dow logged its highest close since late February. The S&P and Nasdaq both finished in the black as well, with the latter overcoming today's semiconductor sell-off. However, unlike its peers, the tech-heavy Nasdaq suffered a weekly loss. 

Continue reading for more on today's market, including:

  • Bet on this FAANG stock to rally, if past is prologue.
  • 3 healthcare stocks making monster moves higher.
  • Plus, the Google rival soaring; Musk's latest meltdown; and one weed stock's best week in months.

The Dow Jones Industrial Average (DJI - 25,669.32) rose 110.6 points, or 0.4% for the day, and 1.4% on the week. Caterpillar (CAT) stock led the 21 advancing blue chips with a 2.3% gain, while Walmart (WMT) paced the six decliners with a 0.8% drop. Procter & Gamble (PG), Disney (DIS), and JPMorgan Chase (JPM) all finished the day flat.

The S&P 500 Index (SPX - 2,850.13) picked up 9.4 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,816.33) gained 9.8 points, or 0.1%. The S&P finished the week up 0.6%, while the Nasdaq suffered a 0.3% weekly loss.

The Cboe Volatility Index (VIX - 12.64) shed 0.8 point, or 6%, for the day, and 4% for the week.

us indexes closing summary aug 17

nyse and nasdaq stats aug 17

5 Items on our Radar Today

  1. Food delivery service DoorDash reached an overall value of $4 billion this week, following its latest fundraising efforts. The start-up is only five years old and has yet to turn an overall profit, but has nearly tripled in value in roughly five months. (CNBC)
  2. Amazon (AMZN) is reportedly building a device to record live TV. The buzz sent shares of TiVo (TIVO) into the red in afternoon trading. (Bloomberg)
  3. This internet stock was higher on Google's China update.
  4. Tesla (TSLA) puts were popular after the latest Musk interview.
  5. This weed stock had its best week since May

corporate earnings aug 17

unusual options volume aug 17

Data courtesy of Trade-Alert

Gold Suffers Worst Week in Over a Year

Easing trade tensions lifted oil prices today, but crude extended its weekly losing streak. September-dated oil picked up 45 cents, or 0.7%, to settle at $65.91 per barrel on the day, but fell 2.5% from last Friday's close.

While gold managed to reverse some of yesterday's losses on a softer dollar, it suffered its biggest weekly loss since May 2017. December-dated gold picked up 20 cents, or 0.2%, to settle at $1,184.20 per ounce in today's session. For the week, gold shed 2.9%.


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