Stocks Fly Higher on Back of Big Tech

Meanwhile, investors digested the Federal Reserve's latest remarks

Assistant Editor
Sep 22, 2020 at 4:34 PM
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Stocks notched a victory today, after Amazon.com (AMZN) led shares of Big Tech higher. The Dow finished the session 140 points higher, after Bernstein upgraded AMZN to "buy" from "hold," citing the stock's recent pullbacks as an attractive entry point for investors. Early in the day the blue-chip index struggled, as coronavirus deaths in the U.S. topped 200,000. Elsewhere, the S&P 500 and Nasdaq rose as well, both snapping four-day losing streaks as investors digested U.S. Federal Reserve Chairman Jerome Powell's remarks, in which he reiterated the central bank will support the economy for "as long as it takes." 

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

    • Intel stock boosted on Huawei supply license.
    • Bear notes bombard struggling Illumina stock.
    • Plus, bulls aim for Hertz; two blue-chip names partner up; and why GameStop's top investor upped his stake.

    The Dow Jones Industrial Average (DJI - 27,288.18) tacked on 140.5 points, or 0.5%. Nike (NKE) was led the list today, topping the winners with an 3.1% rise. Meanwhile, UnitedHealth (UNH) landed at the bottom with a 1.7% drop.

    Meanwhile, the S&P 500 Index (SPX - 3,315.57) rose 34.5 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 10,963.64) added 184.8 points, or 1.7% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 26.86) fell 0.9 point, or 3.3% for the day.

    ClosingIndexesSept22

    NyseSept22

    1. More than 205,000 reports of fraud linked to the pandemic have been filed by consumers since the beginning of the year. On average, consumers lost $300, but that number was substantially higher for older individuals. (CNBC)
    2. The U.S. death toll related to the COVID-19 pandemic just surpassed 200,000, the highest number of any nation. (Reuters)
    3. Hertz stock may be struggling, but the bulls are charging onward.
    4. Goldman Sachs and Walmart partner up.
    5. Fresh highs for GameStop stock after top investor ups stake.

    Earningssept22

    UVOL Sept 22

    Data courtesy of Trade-Alert

    Gold Falls as Dollar Notches Nearly Two-Month Peak

    As coronavirus cases once again spike around the globe, fears concerning fuel demand kept a lid on the rise seen in oil prices today. Still, the latest tropical storm looming in the Gulf of Mexico lost strength, bolstering investors. In response, October-dated crude tacked on 29 cents, or 0.7%, to settle at $39.60 per barrel for the day.

    Meanwhile, this session marked the second consecutive in which gold prices fell, as the dollar ended the day at a near two-month peak. Elsewhere, investors are keeping an eye on the U.S. Federal Reserve's latest comments on the state of the economy. Gold for December-delivery lost $3.00 or 0.2%, to settle at $1,907.60 an ounce for the day.


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