It was the Dow, S&P, and Nasdaq's highest close since early May
The Dow cruised to a 353-point win today, for its highest close since May 3. Wall Street cheered reported progress in U.S.-China trade relations, after President Donald Trump tweeted about "an extended meeting" with Chinese President Xi Jinping at next week's G-20 summit. The S&P 500 and Nasdaq both soared as well, as trade-sensitive chip stocks rallied, and as energy stocks surged with oil prices. Elsewhere, investors are awaiting the conclusion of the Fed meeting tomorrow, and are eager to dissect comments from Fed Chair Jerome Powell for clues about a summer rate cut. In the meantime, Larry Kudlow, head of the National Economic Council, shot down a Bloomberg report that the White House is looking to remove Powell from the position.
Continue reading for more on today's market, including:
- Goldman Sachs loves these 3 solar stocks.
- Penny stock that exploded after a blockchain deal.
- This cloud stock could heat up this summer.
- Plus, steel options in demand; a chip stock chasing triple digits; and a warning on Lennar.
The Dow Jones Industrial Average (DJI - 26,465.54) gained 353 points, or 1.4%, in today's trading. Boeing (BA) led the 23 winners with a 5.4% gain, while Procter & Gamble (PG) paced the seven losers with a 1.3% drop.
The S&P 500 Index (SPX - 2,917.75) added 28.1 points, or 1%, while the Nasdaq Composite (IXIC - 7,953.88) tacked on 108.9 points, or 1.4%.
The Cboe Volatility Index (VIX - 15.15) gave back 0.2 point, or 1.3%.
5 Items on our Radar Today
- Britain took a step closer to naming a new new prime minister. Brexit campaigner Boris Johnson earlier won 126 votes in the second round of a contest to replace Prime Minister Theresa May. Johnson will face a third round of elections, and plans to bring Britain out of the European Union (EU) by Oct. 31, with or without an E.U. deal. (Reuters)
- E-sports continue to grow at a frenetic pace across the globe. The world electronic games market will generate $152.1 billion in 2019, up 9.6% from last year, per estimates from Newzoo. More specifically, U.S. gaming revenue will reach $36.9 billion this year -- overtaking China -- thanks to the wildly popular Fortnite game. (Reuters)
- U.S.-China trade buzz sparked an appetite for steel options.
- This chip stock is chasing triple-digit territory.
- Lennar stock just picked up a bear note ahead of earnings.
There is no earnings chart today.
Data courtesy of Trade-Alert
Oil and Gold Soar on Trade Deal, Central Bank Hopes
Oil surged as well today, taking its cues from the U.S.-China trade optimism. By the close, July-dated crude added $1.97, or 3.8%, to end at $53.90 per barrel, its highest settlement in nearly two weeks.
Gold joined in on the fun too, with August-delivered gold adding $7.80, or 0.6%, to settle at $1,350.70 an ounce -- a 14-month peak. The safe-haven asset got a boost after European Central Bank (ECB) President Mario Draghi made comments that hinted at potential stimulus measures soon.