The S&P 500 snapped its lengthy losing streak as stocks roared back
Stocks bounced back in a big way today, with the Dow finishing 401 points higher thanks to a strong earnings reaction from blue-chip tech giant Microsoft (MSFT). Yesterday's steep losses were largely clawed back, as markets today rallied on a combination of positive quarterly reports and well-received economic data. The S&P 500 finally snapped its six-day losing streak, spearheaded by big gains for a pair of high-profile FAANG stocks ahead of earnings.
Continue reading for more on today's market, including:
- Analyst: Buy the weakness in housing stocks.
- Buy LNG stock on sale.
- 3 stocks popping on activist investor chatter.
- Plus, pre-earnings skepticism toward EA; options traders flock to GLUU; and HLT gets an Ackman boost.
The Dow Jones Industrial Average (DJI - 24,984.55) added 401.1 points, or 1.6%. A mere seven Dow stocks ended the day lower, with Verizon (VZ) leading the way, closing down 1.8%. On the flip side, Microsoft (MSFT) paced the 23 winners with a 5.8% burst.
The S&P 500 Index (SPX - 2,705.57) gained 49.5 points, or 1.9%, snapping its daily losing streak at six. Meanwhile, the Nasdaq Composite (IXIC - 7,318.34) jumped 209.94 points, or nearly 3%.
The Cboe Volatility Index (VIX - 24.22) shed 1 point, or 4%, for the day.


5 Items on our Radar Today
- Yeti Holdings, Inc (YETI) priced its initial public offering (IPO) at $18 per share, below the company's estimated range of $19-$21. The retailer specializes in high-priced outdoor camping products such as coolers, mugs, and camping equipment. The company had previously withdrawn its IPO earlier in 2018, citing market conditions. (MarketWatch)
- Moody's, the famed credit rating agency, revised its outlook on the U.S. retail industry heading into the holiday season. The industry earned a "positive" rating for the first time since July 2015, and Moody's noted, "U.S retail [is]... finally starting to gain traction from investments made over the past couple of years." (Reuters)
- Pre-earnings skepticism ramped up on Electronic Arts stock.
- Options traders piled on after a sudden burst from GLUU stock.
- News of an Ackman stake was just one of the drivers for HLT today.


Data courtesy of Trade-Alert
Oil, Gold Manage Modest Gains as Stocks Recover
Oil futures edged higher today, recovering from early weakness to move higher alongside stocks. December-dated crude added 51 cents, or 0.8%, to settle at $67.33 per barrel.
Gold was modestly higher today, as heightened volatility in the market props up demand for the safe-haven asset. December-dated gold futures added $1.30, or 0.1%, to close at $1,232.40 per ounce.