Stocks Surge as VIX Dips

All three benchmarks nabbed fresh intraday record highs, too

by Patrick Martin

Published on Jan 9, 2020 at 4:29 PM
Updated on Jan 9, 2020 at 4:39 PM

The Dow logged its second-straight triple-digit victory today with U.S.-Iraq tensions apparently in decline. The blue-chip index hit a new intraday record high, with Apple (AAPL) and Goldman Sachs (GS) leading the charge. The S&P 500 and Nasdaq joined the Dow in the black and logged record highs of their own, with a surging semiconductor sector powering the latter's gains. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its fourth straight loss.

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

  • Options bulls and analysts blitzed Snap stock today.
  • Infosys picked up a bull note ahead of earnings.
  • Plus, a KB Home earnings preview; a new Street-high target for KO; and trouble for BBBY.

The Dow Jones Industrial Average (DJI - 28,956.90) added 211.8 points, or 0.7%. AAPL paced the 20 winners with a 2.1% win, while Walgreens Boots Alliance (WBA) fell to the bottom of the the 10 losers with a 2.1% drop.

The S&P 500 Index (SPX - 3,274.70) gained 21.7 points, or 0.7%, while the Nasdaq Composite (IXIC - 9,203.43) finished 74.2 points, or 0.8% higher.

The Cboe Volatility Index (VIX - 12.54) lost 0.9 point, or 6.8%.

Closing Indexes jan 9

NYSE and Nasdaq jan 9

5 Items on Our Radar Today

  1. Chinese Vice Premier Liu He is reportedly heading to Washington D.C. next week to sign "phase one" of the trade deal. While President Trump is suggesting that while negotiations for "phase two" of the deal will soon be underway, a signed agreement won't come until after the 2020 election in November. (MarketWatch)
  2. British Prime Minister Boris Johnson's Brexit bill took one step forward today, after it cleared the House of Commons with a 330 to 231 vote. The vote now heads to the upper House of Lords, with Johnson keen to finish the procedure and get the U.K. out of the European Union (EU) by the end of the month. (Bloomberg)
  3. KB Home calls were hot ahead of earnings.
  4. Coca-Cola stock landed a big upgrade from Credit Suisse.
  5. Bed Bath & Beyond options bears are getting in on the stock's post-earnings sell-off.

Corporate Earnings Jan 9

UVOL jan 9

Data courtesy of Trade-Alert

Oil, Gold Take a Breather

Oil inched fractionally lower today, essentially holding steady after yesterday's pullback of nearly 5%. February-dated crude futures lost five cents to end at $59.56 per barrel.

Gold also fell, logging back-to-back losses amid easing geopolitical tensions. February gold futures gave back $5.90, or 0.4%, to end at $1,554.30 an ounce.




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