Dow Adds Marginal Gains as Fed Keeps Interest Rates Steady

The Dow pared away triple-digit gains though

Patrick Martin
Jan 29, 2020 at 4:40 PM
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The Dow scraped together another win today, propped up by post-earnings surges from blue chips Apple (AAPL) and Boeing (BA). The blue-chip index was up more than 220 points at its session highs, but pared away most of its gains in the final hour. Elsewhere, the Federal Open Market Committee (FOMC) wrapped up its January meeting by keeping the benchmark funds rate between 1.5% to 1.75%, a decision widely expected by Wall Street.

Fed Chair Jerome Powell -- in his post-decision press conference -- remarked that the U.S. labor market "continues to perform well." The S&P 500 pivoted into the red in the final minutes, while the Nasdaq held on for a slim victory, as investors continue to monitor the coronavirus outbreak in China.

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

  • A deep dive into the 25 best stocks to buy in February.
  • Options bears bombarded Cree stock ahead of earnings tomorrow.
  • Plus, 25 stocks to avoid in February; two more bull notes for Amazon.com; and analyst movement after AMD earnings. 

The Dow Jones Industrial Average (DJI - 28,734.45) tacked on 11.6 points. Dow (DOW) led the nine winners with a 5.3% win, while 3M Company (MMM) paced the 20 laggards once more with a 2.2% drop. Coca-Cola (KO) finished flat.

The S&P 500 Index (SPX - 3,273.40) gave back 2.8, or 0.09%, while the Nasdaq Composite (IXIC - 9,275.16) finished 5.5 points, or 0.06%, higher.

The Cboe Volatility Index (VIX - 16.39) gained 0.1 points, or 0.7%.

closing indexes summary jan 29x

nyse and nasdaq stats jan 29x

5 Items on Our Radar Today

  1. The United States and Japan started flying their nationals out of China’s coronavirus epicenter today, as the outbreak's death toll climbs to 133. The World Health Organization (WHO), which called the the virus "deeply concerning," is meeting tomorrow to decide whether the spread now constitutes a global emergency. (Reuters)
  2. The U.S. trade deficit in goods climbed last month, potentially signaling a softer gross domestic product (GDP) reading coming up for the fourth quarter. Exports rose 0.3% in December, while imports gained by 2.9%. (MarketWatch)
  3. This casino stock is among 25 stocks to avoid next month.
  4. AMZN landed two bull notes ahead of earnings.
  5. Analysts and call traders are unfazed by AMD's post-earnings plunge.

corporate earnings jan 29

unusual options activity jan 29

Data courtesy of Trade-Alert

Oil Lags as U.S. Crude Inventories Climb

Oil finished lower today for the sixth time in seven sessions. U.S. domestic crude inventories rose by a larger-than-expected 3.5 million barrels last week, its biggest climb since November. March-dated crude futures shed 15 cents, or 0.3%, to settle at $53.33 per barrel. 

Gold inched higher today, as the safe-haven asset weighed the coronavirus spread with the Fed's interest rate decision. Gold for February delivery gained 60 cents to end at $1,570.40 an ounce.



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