Stock buyers applauded seemingly upbeat trade talks
The Dow rallied today for a huge win, thanks to hopes that U.S.-China trade talks are on the right course. Wall Street was undisturbed by President Donald Trump declaring a national emergency to gain funds for a border wall, as the Nasdaq and S&P 500 rose, as well. Bank stocks were some of the biggest advancers, helping guide the Dow and the Nasdaq to an eighth straight weekly win -- their longest win streaks since 2017 and 2016, respectively.
Continue reading for more on today's market, including:
- 3 of the worst Nasdaq stocks today.
- How call traders are playing the Tandem Diabetes rally.
- Plus, healthcare stock flashes bear signal; why traders circled Suncor; and SAGE earnings draw speculative bets.
The Dow Jones Industrial Average (DJI - 25,883.25) rallied into the close, finishing up 443.9 points, or 1.7%. Financial giants Goldman Sachs (GS) and JPMorgan Chase (JPM) led the way with gains of 3.1% and 3%, respectively. Only two of the Dow's 30 components, Apple (AAPL) and Coca-Cola (KO), ended lower, with the latter having the worse day, shedding 0.8%. The Dow's eighth consecutive weekly win yielded a 3.1% return.
The S&P 500 Index (SPX - 2,775.60) picked up 29.9 points, or 1.1%, and the Nasdaq Composite (IXIC - 7,472.41) closed with a 45.5-point, or 0.6%, advance. The SPX moved up 2.5% this week, and the Nasdaq gained 2.3%.
The Cboe Volatility Index (VIX - 14.91) dipped 1.3 point, or 8.1%. The VIX lost 5.2% this week.
5 Items on our Radar Today
- The Philadelphia City Council just voted that businesses accept cash as payment. The bill will now be passed to Mayor Jim Kenney. A Gallop poll showed that 25% of Americans used cash for all or most retail purchases in 2016. (USA Today)
- Investors pored over new financial data from Uber today, as Wall Street prepares for the company's eventual public offering. The numbers showed a decline in revenue growth for the ride service specialist in 2018. (Reuters)
- A bear signal just flashed on this healthcare stock.
- Why Suncor Energy saw heavy options trading.
- Call traders have jumped on SAGE Therapeutics before earnings.
Data courtesy of Trade-Alert
Oil Ends Strong Week with Another Win
Oil prices ended their big week on a strong note, rising alongside equities. March-dated crude futures finished with a $1.18, or 2.2%, gain at $55.59 per barrel. Oil added 5.4% for the week.
Gold prices also rose today, despite strength in the dollar. Gold dated for April delivery was up $8.20, or 0.6%, by the close at $1,322.10 per ounce. The precious metal finished the week up 0.3%.