According to reports, a "phase one" trade deal is drawn up and pending Trump's approval
The Dow shot up to a new high in early action, as Wall Street excitedly eyed trade developments between the U.S. and China. Today's events were initially sparked by a tweet from President Donald Trump that a trade deal was close, which was then followed by a report that U.S. negotiators have drawn up the terms of a "phase one" trade deal, which is pending Trump's approval. Against this backdrop, the S&P and Nasdaq also clocked record highs in intraday action, with all three indexes erasing their week-to-date deficits.
Continue reading for more on today's market, including:.
- One bull is targeting a massive rally for gold.
- The rare upgrade that gave this former Dow stock a leg up.
- Plus, Canopy launches CBD brand; bears blast ORCL stock; and EA stock runs into trouble.
The Dow Jones Industrial Average (DJI - 28,132.05) added 220.8 points, or 0.8%. Of the 30 blue chips, 27 ended higher, with Cisco Systems (CSCO) in the lead with a 3.1% pop, while Boeing (BA) sank to the bottom on a 1.1% drop.
The S&P 500 Index (SPX - 3,168.57) settled 26.9 points, or 0.9% higher, while the Nasdaq Composite (IXIC - 8,717.32) tacked on 63.3 points, or 0.7%.
The Cboe Volatility Index (VIX - 13.94) slipped 1.1 points, or 7%.
5 Items on Our Radar Today
- Facebook (FB) is under fire yet again, after reports came out that the Federal Trade Commission (FTC) is mulling a preliminary injunction that would bar the social media giant from controlling the way certain apps, including WhatsApp and Instagram, interact with one another and potential competitors. (CNBC)
- Amazon (AMZN) just announced its calendar cutoff dates, for those looking to get in some last-minute shopping on the e-commerce giant. One option allows Amazon Prime members to order on Dec. 24, and receive their package on Christmas Eve. (MarketWatch)
- The rebounding pot stock getting buzz after a CBD line launch.
- Behind the wild options trading surrounding ORCL stock ahead of earnings.
- Why it might be game over for EA stock's recent rally.
Oil Pops on Trump Tweet, Saudi Aramco IPO
President Trump's optimistic tweet on trade, paired with the well-received initial public offering (IPO) of Saudi Arabia's oil refinery Saudi Aramco helped buoy oil prices today. January-dated crude futures added 42 cents, or 0.7%, to settle at $59.18 per barrel.
Gold prices slid lower today as increasing optimism over the U.S.-China trade situation has investors shunning the commodity in favor of stocks. February gold futures shed $2.70, or 0.2% to settle at $1,472.30 an ounce.