Dow Kicks Off 2020 With 330-Point Pop

The Dow, S&P, and Nasdaq all closed at new highs

Patrick Martin

Managing Editor

Jan 2, 2020 at 4:31 PM

The Dow kicked off 2020 with a flourish, finishing up over 330 points, its best session since Dec. 6. The blue-chip index nabbed a fresh intraday high in the process, thanks to the latest weekly jobless claims data and stimulus chatter out of China. The S&P 500 and Nasdaq also posted solid wins and fresh record highs, with the latter nabbing its biggest percentage gain since Oct. 11 on a surging semiconductor sector.

Continue reading for more on today's market, including:

This is the best S&P stock to own in the first quarter, by a landslide.
AMD options bulls are eyeing even more gains.
Plus, a defense stock to target now; weed name gets "top pick" status; and a downgrade weighs on Hanesbrands.

The Dow Jones Industrial Average (DJI - 28,868.80) added 330.4 points, or 1.2%. Walt Disney (DIS) led the 24 winners with a 2.5% pop, while Dow Inc (DOW) paced the six laggards with a 1.8% dip.

The S&P 500 Index (SPX - 3,257.85) settled 27.1 points, or 0.8%, higher, while the Nasdaq Composite (IXIC - 9,092.19) tacked on 119.6 points, or 1.3%.

The Cboe Volatility Index (VIX - 12.47) lost 1.3 points, or 9.5%.

Closing Indexes Summary Jan 2

NYSE and Nasdaq Jan 2

5 Items on Our Radar Today

While Wall Street starts 2020 off on the right foot, bitcoin stumbled out of the gate. The enigmatic cryptocurrency dropped as much as 4% today, dipping below the $7,000 level, and earlier traded at its lowest point in three weeks. Bitcoin gained 95% in 2019. (Bloomberg)
The U.S. Food and Drug Administration (FDA) announced today it was banning most flavored e-cigarettes, including fruit, candy, mint, and dessert flavors. Menthol and tobacco flavors will remain, a departure from President Donald Trump's promise to ban all vaping flavors. (MarketWatch)
Grab HII stock to start the year off strong.
Jefferies named Aphria its top pick in the cannabis industry.
Hanesbrands stock was hit with a double downgrade today.

There are no earnings of note today.

Data courtesy of Trade-Alert

Seventh Heaven for Gold

Oil inched higher today, with some speculating growing tensions between the U.S. and Iran could create possible disruptions to crude supply. February-dated crude futures added 12 cents, or 0.2%, to end at $61.18 per barrel.

Gold logged its seventh straight win today, to hit its highest amount since late September. February gold futures settled up $5, or 0.3%, end at $1,528.10 an ounce.

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