Stocks Close Higher Despite Stimulus Impasse

The Dow logged its second-straight triple-digit gain

Assistant Editor
Oct 8, 2020 at 4:28 PM
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The major benchmarks closed higher today, but optimism remains subdued amid political gridlock over a stimulus package deal on Capitol Hill. After U.S. President Donald Trump pushed for an airline bailout bill yesterday, House Speaker Nancy Pelosi announced today that there would not be financial support for airlines without a broader stimulus package. The Dow closed 122 points higher for its second-straight day of triple-digit gains, while the Nasdaq and S&P 500 brushed off worse-than-expected jobs data to end in the black as well. 

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

  • Enphase Energy stock had a wild day.
  • Medtronic stock boosted by a lofty bull note
  • Plus, two bank stocks making headlines; and the video-streaming service stock on the rise. 

The Dow Jones Industrial Average (DJI - 28,425.51) gained 122.1 points, or 0.4% today. IBM (IBM) jumped to the top of the Dow, adding 6%, while AMGEN (AMGN) landed at the bottom with a 6.8% loss.  

Meanwhile, the S&P 500 Index (SPX - 3,446.83) added 27.4 points, or 0.8% for the day, and the Nasdaq Composite (IXIC - 11,420.98) tacked on an even 56.4 points, or 0.5%.

Lastly, the Cboe Volatility Index (VIX - 26.36) lost 1.7 points, or 6.1% for the day.

Closing Summary 1008

NYSE Nasdaq 1008

        
  1. Two social media giants worked to shut down over 3,500 accounts spreading false political information in order to deceive users on their platforms. (Reuters)
  2. With negotiations of another large coronavirus relief bill stalled in Washington, one former Fed economist considers what disproportion could be contributing to this. (MarketWatch)
  3. Morgan Stanley stock dips amid massive buyout buzz. 
  4. Blue-chip bank stock's new commitments to under-served communities. 
  5. ROKU reaches record highs on raised price objectives. 

Earnings 1008

Options Activity 1008

Oil, Gold Rebounded from Yesterday

Oil futures settled higher after today's session, as Hurricane Delta continues to block oil production in the Gulf of Mexico. Meanwhile, Saudi Arabia is reluctant of the  Organization of the Petroleum Exporting Countries (OPEC) plans to boost oil output early next year, and are considering backing out. November-dated crude rose $1.24, or 3.1%, to settle at $41.19 per barrel. 

Gold futures bounced back today as well, boosted by stimulus optimism after yesterday's slump. Gold for December rose $4.30, or 0.2$, to settle at $1,895.10 an ounce. 


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