Stocks Soar on Renewed Stimulus Sentiment

President Trump tweeted a volatile series of updates about economic support

Deputy Editor
Oct 7, 2020 at 4:29 PM
facebook twitter linkedin


Stocks closed higher across the board today, taking positive cues from U.S. President Donald Trump's calls for additional financial support for airlines and a second round of individualized stimulus checks. Wall Street bounced back from yesterday's dramatic plummet, after President Trump's announcement of a stalled stimulus package in Congress until after the presidential election.

The Dow closed 530 points higher -- its best single-session gain since July 13 -- while the S&P 500 and Nasdaq followed suit with a strong finish in the black. Meanwhile, the Federal Open Market Committee's minutes showed the economy recovering faster than expected, though many officials are taking a second stimulus by the end of the year into account, without which they foresee a slower improvement.

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

  • McDonald's stock could keep climbing.
  • The airline sector received bull notes galore today. 
  • Plus, biopharmaceutical stock boosted on a bull note; streaming giant rises on stay-at-home spike; and an analysis of this blue chip ahead of earnings. 

The Dow Jones Industrial Average (DJI - 28,303.46) gained 530.7 points, or 1.9% today. Salesforce.com (CRM) led the pack, adding 3.9%, while Walmart (WMT) landed at the bottom with a 0.2% gain.  

Meanwhile, the S&P 500 Index (SPX - 3,419.45) added 58.5 points, or 1.7% for the day, and the Nasdaq Composite (IXIC - 11,364.60) tacked on an even 210 points, or 1.9%.

Lastly, the Cboe Volatility Index (VIX - 28.06) lost 1.4 points, or 4.8% for the day.

Closing Summary 1007

NYSE Nasdaq 1007

        
  1. The loan forgiveness process has been criticized by the Government Accountability Office (GAO) for a variety of reasons, yet is moving forward amid uncertainty. (Reuters)
  2. Six current and former executives in the chicken industry have been indicted on price-fixing charges. New details are arising on the alleged conspiracy, including a longer time period of the crime than previously thought. (MarketWatch)
  3. Bull note pushes PTC Therapeutics stock higher. 
  4. Netflix stock rises amid sector success. 
  5. WBA an intriguing long-term option for investors. 

Earnings 1007

Options Activity 1007

Oil, Gold Settled Lower

Oil prices settled lower for the first session in the last three, amid news that 80% of the Gulf of Mexico's oil production has been halted due to Hurricane Delta. November-dated crude fell 72 cents, or 1.8%, to settle at $39.95 per barrel. 

Gold futures saw little volatility today, with the rise of the U.S. dollar weighing on the commodity. Gold for December dropped $18, or 0.9%, to settle at $1,890.80 an ounce --the lowest settlement in over a week.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners