Dow Continues Triple-Digit Rally With Fourth-Straight Win

Big Tech and FAANG stocks led the charge today

Deputy Editor
Oct 12, 2020 at 4:31 PM
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Fresh off their best week in months, the major benchmarks closed higher today, with the Dow posting a triple-digit win for the fourth-straight session. The S&P 500 finished confidently in the black as well, while the Nasdaq scored an 296-point gain thanks to surging Big Tech. Elsewhere, investors are gearing up for another earnings season set to hit high gear this week, while stimulus talks drag on after Congress pushed back on the White House's $1.8 trillion stimulus offer.

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

  • Rescheduled Prime Day pushes Amazon stock higher. 
  • Cloud communications stock climbs on new acquisition
  • Plus, cinema stock struggles amid closings; government funds send drug maker higher; and the Coca-Cola rival receiving an upgrade.

The Dow Jones Industrial Average (DJI - 28,837.52) gained 250.6 points, or 0.9% today. Apple (AAPL) rose to the top of the Dow with a 6.4% win, while Dow (DOW) landed at the bottom with a 1.6% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,534.22) added 57.1 points, or 1.6% for the day, while the Nasdaq Composite (IXIC - 11,876.26) tacked on an 296.3 points, or 2.6%.

Lastly, the Cboe Volatility Index (VIX - 25.07) added 0.7 point, or 0.3%.

Closing Summary 1012

NYSE Nasdaq 1012

        
  1. The pandemic sparked a series of short-term moves, specifically as those in cities relocated to more spacious areas. New data digs deeper into these movers' migration pattern. (Bloomberg)
  2. Two Stanford professors were awarded the Nobel Prize for their work in economics. According to the Academy, their work has benefited buyers and sellers around the world. (Reuters)
  3. Analysts uncertain on struggling theater stock. 
  4. A million-dollar government investment moves AZN higher
  5. PepsiCo stock scored a big analyst upgrade.

There were no earnings of note today.

Options Activity 1012

Oil Takes a Breather as Production Rebounds

Oil futures settled lower, as the Gulf of Mexico begins to recover from Hurricane Delta, previously on-strike oil workers return to work in Norway after a wage agreement, and Libya increases production. November-dated crude fell $1.17, or 2.9%, to settle at $39.43 a barrel. 

Gold futures rose for the third-straight session as uncertainty about the upcoming election brings investors back to the haven commodity. December gold rose $2.70, or 0.1%, to settle at $1,928.90 an ounce, extending Friday's three-week high. 

 

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