Dow Snaps Losing Streak as Stocks Rebound

Big Tech stocks helped lift the market

Deputy Editor

Oct 29, 2020 at 4:32 PM

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

Dr. Anthony Fauci converses on a potential timeline for the coronavirus vaccine in the U.S. (Reuters)
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)
Subscriber boost couldn't save sliding Spotify stock.
Brewery name rebounds from yesterday's lows.
Fashion retailer surges on an earnings beat.

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.

Follow @Schaeffers

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!