Three Straight Wins For Dow After Trade Deal Becomes Official

All three benchmarks hit fresh record highs earlier

by Patrick Martin

Published on Jan 15, 2020 at 4:27 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow locked up a solid win -- and fresh record intraday high -- after the U.S. and China made the "phase one" trade deal official. It was the blue-chip index's third straight win, with UnitedHealth (UNH) a big earnings winner today. The S&P 500 and Nasdaq both hit new record highs, as well. Although the text of the trade deal is yet to be released, Chinese purchases of U.S products will increase, and U.S. tariffs will remain in place until the November 2020 presidential election. Elsewhere, Wall Street got a boost after White House economic advisor Larry Kudlow hinted at more tax cuts later in 2020. 

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

  • Options traders piled on Shake Shack's big breakout.
  • This bank stock wasn't able to take advantage of some overdue bull notes.
  • Plus, another win for PINS; why Target stock fell; and a big FDA nod for CLVS.

The Dow Jones Industrial Average (DJI - 29,030.22) gained 90.6 points, or 0.3%. UNH led the 17 winners with a 2.8% win, while JPMorgan Chase (JPM) paced the 13 laggards with a 1.5% drop.

The S&P 500 Index (SPX - 3,289.29) added 6.1 points, or 0.2%, while the Nasdaq Composite (IXIC - 9,258.70) finished 7.4 points, or 0.1%, higher.

The Cboe Volatility Index (VIX - 12.42) lost 0.3 point, or 0.2%.

closing index summary jan 15

NYSE and Nasdaq January 15

5 Items on Our Radar Today

  1. As part of the "phase one" trade agreement with the U.S. and China, there are provisions that include protecting intellectual property and forced technology transfer. Both parties agreed that neither will support their domestic countries acquiring tech that would "create distortion" in corresponding sectors and industries. (CNBC)
  2. The producer price index (PPI) rose by 0.1% in December, falling short of the expected 0.2% increase. Overall, the data underscores how inflation has tapered off since the summer, and shows little signs of acceleration. (MarketWatch)
  3. Upbeat user data had Pinterest rising for a second straight day.
  4. Target stock took a hit today after dismal holiday sales.
  5. An FDA nod sent Clovis Oncology stock soaring.

corporate earnings january 15

unusual option activity jan 15

Data courtesy of Trade-Alert

Oil, Gold Move in Opposite Directions

Oil finished lower today, as domestic gasoline stockpiles surged. Black gold shook off an unexpected weekly decline in U.S. crude supplies. February-dated crude futures shed 42 cents, or 0.7%, to end at $57.81 per barrel.

Gold rallied today, snapping a two-day losing streak, with investors still monitoring President Donald Trump's looming impeachment trial in the Senate. February gold futures gave back $9.40, or 0.6%, to end at $1,554 an ounce.


A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

Access your FREE insider report before it's too late!


  
 
 

Partnercenter