All three major indexes settled substantially higher
Stocks made a comeback from last week's losses on Tuesday, as investors returned from the long holiday weekend with renewed optimism over additional stimulus, and celebrated a sunny start to earnings season. Stimulus sentiment was bolstered by comments from Treasury Secretary nominee Janet Yellen, who noted the benefits of a larger stimulus package would "far outweigh the costs." Reassurance also came from Dr. Rochelle Walensky, President-elect Joe Biden's pick for head of the Center for Disease Control and Prevention (CDC), who said the U.S. will be able to fulfill its goal of vaccinating 100 million people in Biden's first 100 days in office. In turn, the Dow finished the day with a 116-point pop, while the S&P 500 and the Nasdaq Composite also settled notably higher.
Continue reading for more on today's market, including:
- Why First Solar stock could be a steady bet for options bulls.
- Revealing one of Schaeffer's top picks for 2021.
- Plus, APHA brushes off bull note; analysts think AMD could surge; and LOGI steps into the earnings confessional.
The Dow Jones Industrial Average (DJI - 30,930.52) added 116.3 points, or 0.4% for the day. American Express (AXP) led the gainers with a 3.8% pop, while Goldman Sachs (GS) fell to the bottom of the barrel with a 2.3% dip.
Meanwhile, the S&P 500 Index (SPX - 3,798.91) settled 30.7 points, or 0.8% higher, and the Nasdaq Composite (IXIC - 13,197.18) rose 198.7 points, or 1.5% for the day.
Lastly, the Cboe Volatility Index (VIX - 23.24) lost 1.1 point, or 4.5% for the day.
- BlueNalu, a San Diego-based food startup specializing in lab-grown seafood, said it raised $60 million in convertible note financing in preparation to potentially go public. (CNBC)
- Johns Hopkins University data confirmed that California is the first state in the U.S. to surpass three million Covid-19 cases, while virus-related related deaths in the U.S. have surpassed 400,000. (MarketWatch)
- Aphria stock failed to keep up despite lofty bull note.
- Growing demand for stay-at-home devices has analysts eyeing this semiconductor staple.
- Breaking down LOGI following its fiscal third-quarter earnings report.
Oil, Gold Rally as U.S. Dollar Weakens
Oil prices staged a rebound today, brushing off cuts in the International Energy Agency’s (IEA) 2021 crude demand forecast, after Yellen's calls for further economic relief took a hit on the U.S. dollar. February-dated crude tacked on 62 cents, or 1.2% for the day, to settle at $52.98 per barrel.
Gold prices also hardened up on the back of the weakening dollar, bouncing back from its seven-week lows. February-dated gold added $10.30, or 0.6%, to settle at $1,840.20 per ounce.