Dow Snaps Losing Streak as Stocks Rebound

Big Tech stocks helped lift the market

Deputy Editor
Oct 29, 2020 at 4:32 PM
facebook twitter linkedin


Coming off a four-day losing streak, the Dow closed up 139 points today as upbeat economic data lifted the market. U.S. gross domestic product (GDP) data came in better than expected, posting its fastest expansion ever, while initial jobless claims fell to 751,000 last week -- its lowest level since March. The S&P 500 and Nasdaq closed with gains as well, as tech stocks traded higher ahead of several Big Tech earnings reports due out after the close, including Facebook (FB), Apple (AAPL), Alphabet (GOOG), and more.

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

  • Dig into these 4 FAANG stocks ahead of earnings.
  • Bulls blast Pinterest stock after a blowout report
  • Plus, music streaming stock sinks; TAP rises on an earnings beat; and the fashion giant flying on high demand.

The Dow Jones Industrial Average (DJI - 26,659.11) gained 139.2 points, or 0.5%. AAPL rose to the top of the Dow with a 3.7% win, while Walgreens Boots Alliance (WBA) landed at the bottom with a 3% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,310.11) added 39.1 points, or 1.2%, while the Nasdaq Composite (IXIC - 11,185.59) tacked on 180.7 points, or 1.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 37.59) lost 2.7 points, or 6.7%. 

Closing Indexes Oct 29

NYSEOct29

        
  1. Dr. Anthony Fauci converses on a potential timeline for the coronavirus vaccine in the U.S. (Reuters)
  2. It's no secret that the airline sector has been hit hard by the pandemic. However, these budget airlines managed to score revenue beats. (CNBC)
  3. Subscriber boost couldn't save sliding Spotify stock
  4. Brewery name rebounds from yesterday's lows. 
  5. Fashion retailer surges on an earnings beat.

Earnings 1029

UVOLoct29

Gold, Oil Log Lowest Levels in Months

Oil futures finished lower for the second day, as energy demand fears continue. December-dated crude fell $1.22, or 3.3%, to settle at $36.17 a barrel -- the lowest front-month contract finish in roughly five months.

Gold futures also settled lower for the second-straight session, after data showing the U.S. economy expanding in the third quarter, alongside a rise in the U.S. dollar. December gold fell $11.20, or 0.6%, to settle at $1,868 an ounce -- the lowest finish since Sept. 25.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners