Market Closes Higher on Trump Recovery News

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin discussed the stimulus today

Assistant Editor
Oct 5, 2020 at 4:37 PM
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The market managed to extend its gains towards the end of the session today, with the Dow closing up 465 points as hopeful sentiment regarding U.S. President Donald Trump's recovery from coronavirus was heightened by the announcement that he will be discharged from Walter Reed National Military Medical Center at 6:30 p.m. today. The S&P 500 and Nasdaq closed firmly in the black as well, as investors listen for any news regarding House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin's hour-long phone call discussing the second stimulus

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

  • Two major market movers see high options volume.
  • Biotech stock surging on buyout buzz. 
  • Plus, Verizon Rival gets downgraded; the soda giant pulling a product; and this pharma stock merger. 

The Dow Jones Industrial Average (DJI - 28,148.64) rose 465.8 points, or 1.7% today. With all blue-chips ending in the black, Amgen (AMGN) led the pack, adding 4.3%. At the bottom of the gainers was Coca-Cola (KO), which tacked on 0.04%.

Meanwhile, the S&P 500 Index (SPX - 3,408.60) added 60.2 points, or 1.8% for the day, and the Nasdaq Composite (IXIC - 11,332.49) gained 257.5 points, or 2.3%.

Lastly, the Cboe Volatility Index (VIX - 27.96)  tacked on 0.3 point, or 1.2% for the day.

Closing Summary Oct 5

NYSE Oct 25

   
  1. Regal Cinemas parent Cineworld is temporarily closing its U.S. and U.K. movie theaters. CEO Mooky Greidinger made it clear what needs to happen in order for them to reopen. (CNBC)
  2. With Paris now on "red alert" due to its heightened level of coronavirus cases, see how French President Emmanuel Macron is responding, and more specifically, what it could mean for the country's stimulus package. (Marketwatch)
  3. AT&T stock called a "value trap" by analyst. 
  4. Blue-chip soda stock puts drinks under review.
  5. Biopharma blasts off on billion-dollar merger

There were no earnings of note today.

Unusual Options Activity Oct 5

Oil, Gold Start Week Higher

Oil prices posted gains for the first time in three sessions, as traders keep an eye on an oil worker's strike that should cut production in Norway. November-dated crude rose $2.17, or 5.9%, to settle at $39.22 per barrel. 

Gold prices also ended higher, extending last week's weekly gains of 2.2%, as stimulus hopes and a "softer" U.S. dollar boosted sentiment. Gold for December rose $12.50, or 0.7%, to settle at $1,920.10 an ounce.


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