Panic over the coronavirus has cooled off today
After its worst session since October yesterday, the Dow staged a furious comeback today -- adding over 180 points -- as investor panic over the coronavirus cooled off. The blue-chip index snapped a five-day losing streak in the process, as Wall Street unpacked the latest economic data and corporate reports. The S&P 500 and Nasdaq both finished confidently in the black as well, with the former logging its best day since Oct. 4 and the latter posting its biggest win since Sept. 5.
Continue reading for more on today's market, including:
- Founder and CEO Bernie Schaeffer breaks down some key retail sector trendlines.
- This networking stock is ready to roar higher.
- Plus, a General Electric earnings preview; a C-suite shakeup at Caterpillar; and 2 video game stock getting bull notes.
The Dow Jones Industrial Average (DJI - 28,722.85) gained 187.1 points, or 0.7%. Apple (AAPL) led the 24 winners with a 2.8% win, while 3M Company (MMM) paced the six laggards with a 5.7% drop.
The S&P 500 Index (SPX - 3,276.24) added 32.6 points, or 1%, while the Nasdaq Composite (IXIC - 9,269.68) finished 130.4 points, or 1.4%, higher.
The Cboe Volatility Index (VIX - 16.28) lost 1.9 points, or 10.7%.
5 Items on Our Radar Today
- U.S. consumer confidence remains high to start 2020. The index surged all the way to 131.6 in January, the highest reading since August, and up from December's revised 128.2 rating. However, consumer confidence does remain below its 18-year highs of 137.9, nabbed in October. (MarketWatch)
- Britain's Prime Minister Boris Johnson granted Chinese tech-giant Huawei a limited role in building the U.K.'s 5G network. The decision runs counter to the U.S.' firm exclusion of the controversial telecom name from any business dealings. (Reuters)
- GE calls are all the rage ahead of earnings tomorrow.
- An ex-Boeing CEO is stepping down from Caterpillar's board.
- These two video game stocks enjoyed price-target hikes today.
Data courtesy of Trade-Alert
Oil Bounces Back While Gold Takes a Breather
Oil snapped a five-day losing streak today. In addition to the assuaging coronavirus fears, the Organization of the Petroleum Exporting Countries (OPEC) is reportedly considering extending current oil output cuts until June, and potentially deepening reduction should the coronavirus negatively affect demand for the liquid gold in China. March-dated crude futures added 34 cents, or 0.6%, to settle at $53.48 per barrel.
Gold prices took a breather today, after clocking a six-year highs yesterday, as Wall Street turned back to stocks amid the eased concerns over the coronavirus. Gold for February delivery shed $7.60, or 0.5%, to end at $1,569.80 an ounce.