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
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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. (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. 

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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.


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