Morgan Stanley earnings weighed in early trading
Stocks started the day in negative territory, thanks to a dismal earnings report from Morgan Stanley (MS) and reports of a potential U.S. investigation into Chinese tech firm Huawei. However, the major indexes swung higher in afternoon trading, after a Wall Street Journal report suggested the U.S. is considering lifting tariffs on China to accelerate a potential trade deal. While the Dow, S&P 500, and Nasdaq finished off their intraday peaks after the Treasury Department refuted the report, all three closed higher for a third straight session.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,370.10) was up 267 points at its intraday peak, before settling with a 162.9-point, or 0.7%, gain. DowDuPont (DWDP) paced the 24 advancers with its 3% climb, while Home Depot (HD) led the six decliners with its 1.2% drop.
The S&P 500 Index (SPX - 2,635.96) added 19.9 points, or 0.8%, for a third straight close above its 40-day moving average, while the Nasdaq Composite (IXIC - 7,084.46) rose 49.8 points, or 0.7%.
The Cboe Volatility Index (VIX - 18.06) shed 1 point, or 5.1%, for its lowest settlement since Dec. 3.
5 Items on our Radar Today
- The Food and Drug Administration (FDA) said it is streamlining the labeling process for naloxone, a prescription drug used to treat opioid overdoses, in order to encourage companies to develop over-the-counter versions of the costly treatment. In a statement, FDA Commissioner Scott Gottlieb said, "Increased availability of naloxone for emergency treatment of overdoses is an important step." (CNBC)
- President Donald Trump told U.S. House Speaker Nancy Pelosi to fly commercial for her planned trip to Belgium, Egypt, and Afghanistan, citing the partial government shutdown in a letter to the California Democrat. This follows Pelosi's request that POTUS reschedule the State of the Union address as the shutdown creates "security concerns." (Reuters; MarketWatch)
- A fresh FAANG partnership boosted Fossil stock.
- These 2 chip stocks nabbed new "buy" ratings today.
- Cars.com soared on news the company could put itself up for sale.
Data courtesy of Trade-Alert
Oil Falls After OPEC Data
Oil fell today, even as data showed the Organization of the Petroleum Exporting Countries (OPEC) cut production in December. February-dated crude futures gave back 24 cents, or 0.5%, to close at $52.07 per barrel.
Gold gave back a portion of Wednesday's gains following a batch of relatively upbeat economic data. Gold futures for February delivery fell $1.50, or 0.1%, to settle at $1,292.30 an ounce.