Trade buzz boosted stocks today
The Dow surged higher today, on news the U.S. and China plan to begin rolling back tariffs to increase the chances of a trade deal. The blue-chip index recorded another all-time high, as did the S&P 500 Index and Nasdaq. Two of the best sectors were tech and financials, while investors also watched the 10-year Treasury yield rise the most since the last presidential election.
Continue reading for more on today's market, including:
- 2 travel stocks that got hammered.
- Why GE bulls are in overdrive.
- One biotech to bet on.
- Plus, 2 reasons to worry about GOOS; automation stock sees big bets; and the bear note on Twitter.
The Dow Jones Industrial Average (DJI - 27,674.80) finished up 182.2 points, or 0.7%. Twenty-three of 30 Dow components closed in the black, led by Dow's (DOW) 2.8% rise. The seven losers were paced by Walgreens Boots Alliance (WBA), which was down 1.4% by the close.
The S&P 500 Index (SPX - 3,085.18) gained 8.4 points, or 0.3%, and the Nasdaq Composite (IXIC - 8,434.52) added 23.9 points, or 0.3%.
The Cboe Volatility Index (VIX - 12.73) tacked on 0.1 point, or 0.9%.
5 Items on Our Radar Today
- Nike (NKE) was in focus today after an op-ed in The New York Times by former Nike runner Mary Cain, who accused the company of emotional and physical abuse "by a system designed by Alberto [Salazar] and endorsed by Nike. A number of other women have already spoken out this year about the company. NKE stock, though, moved higher today, holding near record highs. (CNBC)
- Many have speculated that much of the stock market's gains in recent years are from corporate buybacks, and a Goldman Sachs report said that was true for 2019. The firm said the buyback trend was fading, however, pointing to a potential headwind for equities. (MarketWatch)
- 2 reasons an analyst is worried about Canada Goose stock.
- Option bull bets heavily on automation stock.
- Another look a today's big bear note on Twitter.
Oil Rises Again
Oil had another strong session today, rising with equities again. December crude futures finished up 80 cents, or 1.4%, to settle at $57.15 per barrel.
Gold was under pressure during the risk-on session for stocks. December gold fell $26.70, 1.8%, to $1,466.40 an ounce -- the lowest close since August.