A Bloomberg report said the U.S. and China could be closer to a trade deal
The Dow snapped its three-day losing streak today, after a report from Bloomberg suggested the U.S. and China could reach a "phase one" trade deal sooner than investors previously believed. U.S. President Donald Trump also changed his tune, following yesterday's comments that he would hold off on an agreement until after the 2020 election, indicating trade negotiations between the two countries are progressing. But while the S&P and Nasdaq also gained ground on the day, all three indexes settled off their intraday highs on disappointing economic data, including a lower-than-anticipated reading on private payrolls from November.
Continue reading for more on today's market, including:.
The Dow Jones Industrial Average (DJI - 27,649.78) added roughly 147 points, or 0.5%. Twenty-three of the blue chips ended higher. JPMorgan Chase (JPM) took the lead with a 2% gain, while Cisco (CSCO) paced the losers on a 0.9% drop.
The S&P 500 Index (SPX - 3,112.76) tacked on 19.6 points, or 0.6%, and the Nasdaq Composite (IXIC - 8,566.67) added 46 points, or 0.5%.
The Cboe Volatility Index (VIX - 14.80) gave back 1.2 points, or 7.3%.
5 Items on Our Radar Today
- Popular Japanese gaming company Nintendo just announced that a record-setting 830,000 Switch devices were sold in the U.S. between Nov. 24 and Nov. 30, boosted by strong Black Friday sales, and the brands cheaper Switch Lite model, which runs at $199. (CNBC)
- During the second day of Tesla (TSLA) CEO Elon Musk's defamation trial, following a series of tweets in which he called Vernon Unsworth -- a British diver and cave explorer -- a "pedo guy," Musk tried to defend himself by saying he was overworked. He added that he was "absolutely not" accusing Unsworth of pedophilia, and called his tweets "off the cuff." This would not be the first time the Tesla founder has come under fire for his often contentious tweets. (MarketWatch)
- Workday stock was slammed with bear notes following a dismal earnings report.
- Why options bulls think struggling GoPro stock could bounce back.
- Behind CRM stock's mixed post-earnings reaction.
Oil Prices Skyrocket Ahead of OPEC Meeting
Oil prices surged on Wednesday, hitting a two-week high ahead of tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting. Quite a bit of optimism surrounds the summit, with expectations for deeper production cuts. A decline in domestic crude supplies also boosted the commodity. January-dated crude futures were up $2.33, or 4.2%, to settle at $58.43 a barrel.
Gold prices pulled back today as stocks bounced. February gold futures fell $4.20, or 0.3%, to close at $1,480.20 an ounce.