Dow Surges; Tech, Healthcare Boost S&P and Nasdaq

The trade response out of China was seemingly weaker than many expected

Sep 18, 2018 at 4:26 PM
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Stocks rallied today following the latest update on U.S.-China trade relations. More specifically, traders cheered news that China was only adding 5%-10% tariffs on $60 billion in U.S. goods, compared to the 25% tariffs many feared. As such, the Dow raced to its highest close since January, while broad gains from tech and healthcare stocks sparked big days for the Nasdaq and S&P 500, as well.

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

The Dow Jones Industrial Average (DJI - 26,246.96) rose throughout the day and finished with a 184.8-point, or 0.7% win. Of the 30 Dow stocks, 23 ended in positive territory, with Nike's (NKE) 2.4% rise taking the top spot. Conversely, DowDuPont (DWDP) led the losers with a 1.1% decline, while Merck (MRK) closed flat.

The S&P 500 Index (SPX - 2,904.31) closed up 15.5 points, or 0.5%, and the Nasdaq Composite (IXIC - 7,956.11) added 60.3 points, or 0.8%.

The Cboe Volatility Index (VIX - 12.79) declined 0.9 point, or 6.5%.

Closing Indexes Summary Sep 18

NYSE and Nasdaq Stats Sept 18

5 Items on our Radar Today

  1. The European Commission released a list of ideas to help the World Trade Organization (WTO) fight unfair practices. This comes after the U.S. called out questionable trade moves from China last month, with President Donald Trump threatening to leave the WTO. (Reuters)
  2. The Department of Justice is investigating Tesla CEO Elon Musk after he tweeted last month that funding was secure to take the company private. Tesla confirmed the investigation and said it was cooperating. (CNN Money)
  3. Inside the latest Facebook stock bear note.
  4. Why this FAANG stock should be avoided at the moment.
  5. The software stock hit with a downgrade before earnings.

Corporate Earnings Chart Sept 18

Unusual Options Activity Sept 18

Data courtesy of Trade-Alert

Oil Gained Ground While Gold Prices Slipped

Oil prices got a lift today, as traders considered the impact of global supply ahead of new U.S. sanctions on Iran. October-dated crude added 94 cents, or 1.4%, to end at $69.85 per barrel.

Gold fell amid the risk-on session. By the close, December-dated gold futures were down $2.90, or 0.2%, at $1,202.90 an ounce.

 

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