All major indexes recovered their earlier losses
The Dow recuperated from this morning's 700-point decline, slowly rising to end with a 150-point win, despite renewed fears surrounding a spike in COVID-19 cases. The S&P 500 and the Nasdaq also clawed their way to modest daily wins on a Federal Reserve announcement that it would buy individual corporate bonds. A similar announcement helped dig markets out of their March trough as well. Today's update extends on this program, indicating the central bank's continued support of credit markets.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,763.16) tacked on 157.6 points, or 0.6% for the day. Raytheon Technologies (RTX) lead the charge, rising 2.6%, while Merck & Co (MRK) paced the losers after it fell 3%.
Meanwhile, the S&P 500 Index (SPX - 3,066.59) rose 25.3 points, or 0.8%, and the Nasdaq Composite (IXIC - 9,726.02) added 137.2 points, or 1.4%.
Meanwhile, the Cboe Volatility Index (VIX - 34.40) fell 1.7 points, or 4.7%, for the day.
5 Items on Our Radar Today
- The Empire State Manufacturing index saw
a surprising rebound this month, rising to -0.2 in June against economists' expected reading of -35. Meanwhile, the index of future business conditions rose to 56.5, marking its highest level in nearly 11 years. (CNBC)
- Dallas Fed President Robert Kaplan in
a Money Marketeers of New York talk today stated he is skeptical of the Federal Reserve using "yield-curve control" as a tactic to help economic recovery from the recession. (MarketWatch)
- Nokia stock slid on its latest
5G deal.
- A vaccine manufacturing deal is doing wonders for this pharmaceutical stock.
- Intel stock was upgraded to "overweight" amid big technological advancements.
There are no earnings to report today
Data courtesy of Trade-Alert
OPEC Production Cut Compliance Fuels Oil Rebound
Oil prices also managed to recover by the close, fueled by Organization of the Petroleum Exporting Countries (OPEC) members' compliance with a production cut deal, despite the renewed COVID-19 fears. Today, July-dated crude rose 86 cents, or 3%, to settle
at $37.12 per barrel.
Gold, meanwhile, finished lower, even as the U.S. dollar softened. Gold for August delivery fell $10.10, or 0.6%, to settle at $1,727.20 per ounce on the day.