Stocks Grab New Highs on Potential Trade Deal

The Dow, S&P, and Nasdaq all notched fresh intraday highs

Deputy Editor
Dec 12, 2019 at 4:34 PM
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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%. 

Closing Indexes Summary Dec 12

NYSE and Nasdaq Stats Dec 12

5 Items on Our Radar Today

  1. 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)
  2. 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)
  3. The rebounding pot stock getting buzz after a CBD line launch. 
  4. Behind the wild options trading surrounding ORCL stock ahead of earnings. 
  5. Why it might be game over for EA stock's recent rally. 

Corporate Earnings Dec 12

Unusual Options Activity Dec 12

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. 

Trader: Sell These 8 Stocks in 2021



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