It was a broad-based rally on Wall Street
Stocks had a strong showing today, rallying out of the gate for a convincing start to the second quarter. Traders cheered signs of improving economic conditions in China and the U.S., with tech shares leading the S&P 500 and Nasdaq higher. Still, strength was seen across the board, as the financial sector, including Dow components JPMorgan Chase, Goldman Sachs, and American Express, also posted impressive gains.
Continue reading for more on today's market, including:
- The Apple news that sank this semiconductor stock.
- Why near-term call traders were bullish on WYNN.
- One analyst thinks this biopharma could barrel higher.
- Plus, bullish attention for one blue chip; FAANG stock gets praised; and how UPS got a boost.
The Dow Jones Industrial Average (DJI - 26,258.42) rallied 329.7 points, or 1.3%, today. Caterpillar (CAT) paced the 24 advancing blue chips for the second day in a row, adding 3.5%, while McDonald's (MCD) was the biggest loser, falling 0.8%.
The S&P 500 Index (SPX - 2,867.19) closed up 32.8 points, or 1.2%, while the Nasdaq Composite (IXIC - 7,828.91) picked up 99.6 points, or 1.3%.
The Cboe Volatility Index (VIX - 13.40), on the other hand, shed 0.3 point, or 2.3%.
5 Items on our Radar Today
- Food giant Kellogg (K) announced today it is selling its Keebler, Mother’s, and Famous Amos businesses to Ferrero Group for $1.3 billion. Ferrero -- maker of Nutella -- will also purchase five production facilities. (MarketWatch)
- Ride-hailing service Lyft Inc (LYFT) fell below its initial public offering (IPO) price of $72 in its second day on the charts, dropping as low as $68.50 during intraday trading. The stock hit a peak of $88.60 during its public debut last Friday, March 29. (CNBC)
- Blue chip reacts to fresh "overweight" rating.
- One analyst can't shake this FAANG stock.
- UPS lands a Berenberg bull note.
Data courtesy of Trade-Alert
Crude Follows Stocks Higher
Signs of extended declines in supplies from major crude producers helped lift oil prices today. May-dated crude futures finished up $1.45, or 2.4%, at $61.59 per barrel.
Gold prices, meanwhile, fell today during the risk-on session for equities. June gold futures closed down $4.30, or 0.3%, at $1,294.20 an ounce.