A surprising OPEC update also boosted oil prices
Ongoing budget negotiations in the U.S. and global trade talks were again the focus on Wall Street today. However, the Dow, S&P 500, and Nasdaq all rallied this time around on a much more upbeat news cycle, with President Donald Trump indicating another government shutdown will likely be avoided, though he said he's "not happy" about the proposed spending deal. On trade, Trump also suggested he could move back the March 1 deadline for another round of tariffs on Chinese goods, adding that China "wants to make a deal very badly." As such, stocks across the board got a lift, with the tech sector enjoying notable strength.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,425.76) ended near its session highs for its best close since Dec. 3, climbing 372.7 points, or 1.5%. Trade-sensitive Caterpillar (CAT) rose 2.9% to lead the 28 Down advancers, and the two blue-chip losers were McDonald's (MCD) and Walt Disney (DIS), down 0.2% each.
The S&P 500 Index (SPX - 2,744.73) rose 34.9 points, or 1.3%, and the Nasdaq Composite (IXIC - 7,414.62) jumped 106.7 points, or 1.5%.
The Cboe Volatility Index (VIX - 15.43) dipped 0.5 point, or 3.4%.
5 Items on our Radar Today
- The number of U.S. solar industry jobs declined for a second straight year, and part of the blame could be put on President Trump's tariffs. Workers in the field fell by roughly 8,000, though the number of solar jobs is expected to rebound next year. (Reuters)
- It appears at-home fitness technology company Peloton Interactive is preparing for an initial public offering (IPO) for 2019. A Wall Street Journal report said the company is talking with banks about going public in the coming months. (Fox Business)
- Options traders reacted to another huge day for EA stock.
- 2 stocks that have seen unusual call trading.
- A cybersecurity stock that got stung today.
Data courtesy of Trade-Alert
OPEC Update Gives Crude a Boost
Oil prices rose today, thanks to talk of bigger-than-expected production cuts from Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) members. March crude futures were up 69 cents, or 1.3%, at the close to trade at $53.10 per barrel.
A rare pullback in the dollar helped give gold prices a lift today. Though the gains for the precious metals were still limited, April-dated gold closed up $2.10, or 0.2%, at $1,314 per ounce.