Stocks teetered between gains and losses today
After trading over 200 points lower at midday, the Dow fought back to teeter between gains and losses before settling nearly 300 points higher. The market volatility seen today can easily be chalked up to the rising coronavirus cases in the U.S.; however, investors also had their eyes on an announcement from regulators that confirmed they would ease restrictions on banks that were placed after the financial crisis. As a result, bank stocks such as JPMorgan Chase (JPM), Citigroup (C) , and Wells Fargo (WFC) all rallied.
In other news, the Nasdaq Composite and S&P 500 also notched gains, with the Nasdaq back on track to recapture its record highs. Still, investors will keep their eyes on headlines as more states report new coronavirus cases. Notably, Arizona made the news after cases jumped over 5% to top the state's seven-day average, while Texas Gov. Greg Abbot paused reopening plans.
- This spice stock is attracting call traders.
- Fastly stock nabbed never-before-seen levels.
- Plus, ALLY canceled an acquisition; Disney delayed reopening plans; and FactSet stock surged after an earnings beat.
The Dow Jones Industrial Average (DJI - 25,745.60) gained 299.7 points, or 1.2% for the day. Goldman Sachs (GS) took the lead today, finishing 4.6% higher. Meanwhile, Raytheon Technologies (RTX) lagged the list, closing 1.1% lower.
Meanwhile, the S&P 500 Index (SPX - 3,083.76) rose 33.4 points, or 1.1%, and the Nasdaq Composite (IXIC - 10,017.00) tacked on 107.8 points, or 1.1%.
Meanwhile, the Cboe Volatility Index (VIX - 32.22) lost 1.6 points, or 4.8%, for the day.


5 Items on Our Radar Today
- Atlanta Fed Bank President Raphael Bostic, the Fed's only African American policymaker, took a rare step and publicly called for an end to racism while sharing ways the U.S. central bank could help. (Reuters)
- A sharp decline in exports led the U.S. trade goods deficit to widen in May. Additionally, advanced retail inventories were down over 6%. (MarketWatch)
- Ally Financial stock jumped after it canceled an acquisition.
- Disney delayed its reopening plans, sinking the stock.
- FactSet nabbed a record high after a promising earnings report.


Data courtesy of Trade-Alert
Oil Closes Higher on Marginal Economic Improvements
Marginal improvements to the U.S. economy led oil prices to rise in an otherwise volatile session. Despite this, gains were capped by the continually increasing number of new cases of COVID-19. As a result, August-dated crude tacked on 71 cents, or 1.9%, to settle at $38.72 per barrel for the day.
Surging coronavirus cases kept investors on edge and also acted as the catalyst for bullion's continued fall from grace, as gold tumbled off its seven-year highs. At last check, gold for August delivery fell $4.50, or 0.3%, to settle at $1,770.60 per ounce on the day.