Oil finished flat but logged another weekly loss
The Dow traded in a range of over 360 points today, eventually closing higher, as trade comments from President Donald Trump tipped the scales in the bulls' favor. Trump said he is optimistic that the U.S. and China will eventually broker a trade deal, with the two expected to meet at the G-20 Summit later this month. However, while the Dow and S&P ended in the black, the tech-rich Nasdaq finished lower, as chip stocks were drilled on earnings and most FAANG stocks dropped. For the week, all three indexes ended lower.
Continue reading for more on today's market, including:
- The fintech stock flashing a bullish signal.
- Analyst: Earnings growth just peaked for this blue chip.
- Plus, the bailout buzz that boosted PG&E; JD heads for the earnings confessional; and the drug stock expected to double.
The Dow Jones Industrial Average (DJI - 25,2413.22) finished higher today, gaining almost 124 points, or 0.5%. Twenty of the 30 stocks made gains, with Travelers (TRV) in the lead, picking up 2.5%, and Walmart in last, dropping 1.9%. The Dow fell 2.2% this week.
The S&P 500 Index (SPX - 2,736.27) eked higher with a 6.1-point gain, or 0.2%, while the Nasdaq Composite (IXIC - 7,247.87) gave back 11.2 points, or 0.2%. For the week, the SPX and IXIC dropped 1.6% and 2.2%, respectively.
The Cboe Volatility Index (VIX - 18.14) was 1.8 points lower, or 9.2%. For the week, the VIX gained 4.5%.
5 Items on our Radar Today
- Federal Judge Timothy Kelly ordered CNN journalist Jim Acosta's White House press pass to be temporarily reinstated, after the news outlet filed a lawsuit against President Donald Trump last Tuesday. Acosta's press pass was originally revoked after an explosive exchange that took place at a White House news conference last week. (CNBC)
- Lime, a D.C.-based shared-scooter startup, said that it will begin to push for federal infrastructure laws that would support "electric bike and scooter sharing." (MarketWatch)
- PG&E stock snapped a steep losing streak on easing bankruptcy concerns.
- JD stock will shoot for a rebound after next Monday's earnings.
- The drug stock expected to double, according to one analyst.
Data courtesy of Trade-Alert
Oil Suffers Sixth Straight Weekly Loss
U.S. crude finished flat today, but endured a 6.2% loss for the week. This marks the commodity's sixth consecutive weekly loss, in part fueled by fears of global oversupply. Oil for December delivery settled at $56.46 a barrel.
Gold prices were up again today, with help from a weaker dollar. December gold futures rose $8, or 0.7%, ending at $1,223 per ounce. It was up 1.2% for the week. Elsewhere, palladium marked a record high of $1,185.40 an ounce, and is now within striking distance of gold for the first time since 2002, according to Reuters.