Stocks Soar Thanks to Stimulus Hopes, Big Tech Rally

Oil and gold also notched healthy wins today

Deputy Editor
Sep 28, 2020 at 4:33 PM
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Stocks rose in dramatic fashion to begin the new week, with optimism coming from additional U.S. fiscal stimulus hopes and a Big Tech rally. Today's rise also comes one day ahead of the first debate between U.S. President Donald Trump and former Vice President Joe Biden. The Dow rose 410 points, after House Speaker Nancy Pelosi reiterated the positive news surrounding the coronavirus aid deal that remains on the table. Elsewhere, the S&P 500 and Nasdaq Composite closed comfortably above fair value, with all three benchmarks logging their third-straight win, as shares of major tech companies advanced after trading considerably lower the week before.

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

    • Prime Day got a confirmed date, giving a boost to Amazon stock.
    • This spice stock is jumping ahead of its fiscal third-quarter report.
    • Plus, a cannabis stock attracting investors; Qualcomm has more than a new bull note going for it; and more on the FDA's investigation into Inovio. 

    The Dow Jones Industrial Average (DJI - 27,584.06) rose 410.1 points, or 1.5%. Boeing (BA) led the list today, leading the winners with an 6.4% rise. Meanwhile, Merck (MRK) paced the small list of three losers today, notching an 0.2% drop.

    Meanwhile, the S&P 500 Index (SPX -3,351.6) tacked on 53.1 points, or 1.6% for the day. The Nasdaq Composite (IXIC - 11,117.53) added 204 points, or 1.9% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 26.19) lost 0.2 point, or 0.7% for the day.

    Closing Indexes Sept28

    NYSESept28

    1. Improving the economy, battling the coronavirus and racial inequality are the topics voters in swing states are looking for U.S. President Donald Trump and former Vice President Joe Biden to go over in their first debate tomorrow night. (CNBC)
    2. COVID-19 outbreaks in U.S. business are resulting in costly legal threats as workers claims that workers brought the virus home and infected relatives. (Reuters)
    3. Is CGC the cannabis stock that you've been waiting for?
    4. There's a lot of good things going for this chipmaker.
    5. Inovio stock is spiraling amid an FDA investigation. 

    Earnings Sept28

    UVOLSept28

    Oil, Gold Rise to Begin Week Despite Rising COVID Fears

    With global equities rising thanks to optimism surrounding additional coronavirus-related stimulus, oil prices finished Monday's session higher. Still, mounting fears concerning rising cases and fuel demand kept a lid on prices. In response, November-dated crude tacked on 35 cents, or 0.9%, to settle at $40.60 per barrel for the day.

    Gold prices rose too, as the dollar fell from a two-month peak a day ahead of the first U.S. presidential debate. Bullion's gains, meanwhile, were capped as the stock market rebounded thanks to a rally in Big Tech. Gold for December delivery gained $16.00 or 0.9%, to settle at $1,882.30 an ounce for the day.

     

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