The Nasdaq hit a record high earlier
U.S. stocks pulled together big wins across the board in today's trading. The Nasdaq nabbed an afternoon peak above 9,574, brushing off Tesla's (TSLA) worst daily loss since 2012. The Dow roared to an 483-point gain -- it's third straight win and best single-session win since June 4 -- as blue chips UnitedHealth (UNH) and IBM (IBM) both finished at or above 5% for the day. The S&P 500 Index surged in the last few hours of trading, marking a fresh closing high of its own. On the economic front, ADP and Moody's private payroll data showed a rise of 291,000 for January -- its biggest increase in over four years.
Continue reading for more on today's market, including:
- The airline stock ready to fly higher.
- Why you shouldn't sweat the ICE stock pullback.
- Plus, a video game maker gapping lower; Pinterest stock lower despite bull notes; and SPOT's worst day in years.
The Dow Jones Industrial Average (DJI - 29,290.85) added 483.2 points, or 1.7% for the day. UNH paced the 24 winners with a 5.3% gain, while Merck (MRK) lead the six losers with a 2.9% drop.
The S&P 500 Index (SPX - 3,334.69) tacked on 37.1 points, or 1.1%. Meanwhile, the Nasdaq Composite (IXIC - 9,508.68) closed up 40.7 points, or 0.4%, earlier hitting an all-time peak of 9,574.93.
The Cboe Volatility Index (VIX - 15.15) shed 0.9 point, or 5.6%.
5 Items on Our Radar Today
- Tesla stock suffered brutal blows in today's trading, seemingly triggered by a delay in China deliveries for the Model 3 electric car. The delay comes as yet another headwind of the fatal coronavirus, while a fresh downgrade to "hold" from Canaccord Genuity was the final cherry on top to send TSLA spiraling. (Reuters)
- Hours before the final vote in the impeachment trial against President Donald Trump, Senator Mitt Romney announced to the New York Times he will be voting to convict President Donald Trump on abuse of power. The move makes Romney the first Republican Senator to publicly vote to convict the President in the impeachment trial. The vote was slated to be held at 4 p.m. ET. (MarketWatch)
- The video game maker that gapped lower before earnings.
- This social media stock brushed off a bull note.
- Why Spotify stock suffered its worst day in years.
Data courtesy of Trade-Alert
Oil, Gold Close Higher
Oil raked in a notable lift today, snapping its five-day losing streak. Black gold got a boost from easing Coronavirus fears on the heels of a drug research update, and also a drop in both U.S. gasoline and distillate stockpiles. March-dated crude futures added $1.14, or 2.5%, to settle at $50.75 per barrel.
Gold enjoyed a win of its own, recovering despite a lift in U.S. markets, eyeing the long-term perspective on the commodity. Gold for April delivery gained $7.30, or 0.5%, to settle at $1,562.80 an ounce.