Stocks Close Higher as Wall Street Shakes Off Civil Unrest

The Dow, S&P 500 and Nasdaq marked another day of gains

Deputy Editor
Jun 2, 2020 at 4:36 PM
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Civil unrest around the U.S. didn't hinder a rise in markets, with the Dow managing to tack on 267 points as investors eyed a reopening economy over protests. Meanwhile, the S&P 500 barely inched its way into positive territory, mostly in part to a lift in bank stocks, while the Nasdaq also struggled to mark a modest gain as tech weighed heavy. However, a reiterated threat by U.S. President Donald Trump to deploy military troops to cities unable to eliminate violent protesters has some of Wall Street concerned for lasting economic optimism during the remainder of June.

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

  • Founder and CEO Bernie Schaeffer examines why ADM options bears should watch these two key levels.
  • DKS surges higher despite a bleak earnings report.
  • Plus, Chewy stock hits an all-time high; Planet Fitness stock shifts after re-openings; and work-from-home staple attracts analysts.

The Dow Jones Industrial Average (DJI - 25,742.65) added 267.6 points, or 1.1% for the day. Dow (DOW) led the charge with a 5.2% surge, while Raytheon Technologies (RTX) paced the losers with a 1.1% drop.

The S&P 500 Index (SPX - 3,080.82) ended 25.1 points, or 0.8% higher, and the Nasdaq Composite (IXIC - 9,608.38) tacked on 56.3 points, or 0.6%.

Meanwhile, the Cboe Volatility Index (VIX - 26.84) slid 1.4 points, or 4.9%.

Closing Indexes June2

NYSENasdaqJune2

5 Items on Our Radar Today

  1. With automakers slated to report last month's sales, some companies chimed in that, despite coronavirus-restrictions limiting transactions, sales were expected to be "beyond expectations." Meanwhile, research firms expect new vehicle sales to be down between 32%-33% compared to last May. (CNBC)
  2. Gun stocks are rallying as background checks and street violence surge amid increased street violence. This also comes after federal police shot tear gas and rubber bullets at peaceful protestors to allow President Trump to walk across the street and take a photo. (MarketWatch)
  3. CHWY attracts call traders and a fresh record high.
  4. Re-opening optimism leads to big gains for Planet Fitness stock.
  5. Analysts drawn to Slack Technologies stock.

Earnings June 2

UVOL June2

Data courtesy of Trade-Alert

Oil Rises With OPEC+ Production Cuts Expected

Oil prices rose today on expectations that The Organization of the Petroleum Exporting Countries and others (OPEC+) will agree to extend production cuts. Additionally, the easing of coronavirus-related lockdowns led to July-dated oil gaining $1.37, or 3.9%, to settle at $36.81 per barrel -- a three-month high.  

Conversely, gold slipped for a second day as investors booked profits and Wall Street rallied over economies re-opening. As a result, gold for August delivery fell $16.30, or 0.9%, to settle at $1,735 per ounce.

 

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