Benchmarks Nab Best Week in Months Amid Stimulus Buzz

The Dow marked its third-straight triple-digit gain

Deputy Editor
Oct 9, 2020 at 4:38 PM
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The major benchmarks closed higher today, with the Dow finishing up in triple-digits for the third-straight day and marking its best week since August. The Nasdaq and S&P 500 also closed in the black, with the former scoring its best week since May, and the latter its best week since June. This volatile week of updates has investors listening for the next federal stimulus announcement, with Treasury Secretary Steven Mnuchin today presenting House Speaker Nancy Pelosi with a $1.8 trillion counteroffer to the Democrats’ $2.2 trillion package -- already approved by U.S. President Donald Trump.

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

  • Sports betting giant could see further outperformance. 
  • Two stand-out real estate stocks with attractive options
  • Plus, the most recent Schaeffer's Market Mashup; analysts chime in on semiconductor stock; and the video communications service rising once again.

The Dow Jones Industrial Average (DJI - 28,586.90) gained 161.4 points, or 0.6% today, adding 3.3% for the week. Microsoft (MSFT) rose to the top of the Dow with a 2.5% win, while IBM (IBM) landed at the bottom with a 2.8% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,477.14) added 30.3 points, or 0.9% for the day, and 3.8% for the week, while the Nasdaq Composite (IXIC - 11,579.94) tacked on an 159 points, or 1.4% for the day, and 4.6% for the week.

Lastly, the Cboe Volatility Index (VIX - 25.00) lost 1.4 points, or 5.2% for the day, and 9.5% for the week.

Closing Indexes Summary Oct 9

NYSE and Nasdaq Stats Oct 9

        
  1. The National Football League is currently investigating teams for COVID-19 safety protocol violations while making an effort to tighten restrictions. This expert is discussing his expectations in regard to the rest of the season(CNBC)
  2. Hurricane Delta is bearing down on Louisiana. With Hurricane Laura still fresh in residents' minds, several steps are being taken to ensure safety throughout the southwest. (MarketWatch)
  3. Learn more about Mini VIX futures with our esteemed guest.
  4. Semiconductor stock aimed higher with revenue forecast.  
  5. Zoom stock moved higher on analyst upgrade.

There were no earnings of note today.

Unusual Options Activity Oct 9

Gold Locks in Three-Week High

Oil futures settled lower, as Hurricane Delta shut down production in the Gulf of Mexico. However, it was reported that the Norway oil strike ended with a wage agreement. November-dated crude fell 59 cents, or 1.4%, to settle at $40.60 a barrel for the day, still rising 9.6% for the week. 

Gold futures rose for the second-straight day, boosted by stimulus hopes. Gold for December rose $31.10, or 1.6%, to settle at $1,926.20 an ounce for the day. Closing at a three-week high, December gold rose 1.2%. 

 

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