Another High for the Dow as Treasury Yields Rise
Trade buzz boosted stocks today
The Dow surged higher today, on news the U.S. and China plan to begin rolling back tariffs to increase the chances of a trade deal. The blue-chip index recorded another all-time high, as did the S&P 500 Index and Nasdaq. Two of the best sectors were tech and financials, while investors also watched the 10-year Treasury yield rise the most since the last presidential election.
Continue reading for more on today's market, including:
2 travel stocks that got hammered. Why GE bulls are in overdrive. One biotech to bet on. Plus, 2 reasons to worry about GOOS; automation stock sees big bets; and the bear note on Twitter.The Dow Jones Industrial Average (DJI - 27,674.80) finished up 182.2 points, or 0.7%. Twenty-three of 30 Dow components closed in the black, led by Dow's (DOW) 2.8% rise. The seven losers were paced by Walgreens Boots Alliance (WBA), which was down 1.4% by the close.
The S&P 500 Index (SPX - 3,085.18) gained 8.4 points, or 0.3%, and the Nasdaq Composite (IXIC - 8,434.52) added 23.9 points, or 0.3%.
The Cboe Volatility Index (VIX - 12.73) tacked on 0.1 point, or 0.9%.
5 Items on Our Radar Today
Nike (NKE) was in focus today after an op-ed in The New York Times by former Nike runner Mary Cain, who accused the company of emotional and physical abuse "by a system designed by Alberto [Salazar] and endorsed by Nike. A number of other women have already spoken out this year about the company. NKE stock, though, moved higher today, holding near record highs. (CNBC)Many have speculated that much of the stock market's gains in recent years are from corporate buybacks, and a Goldman Sachs report said that was true for 2019. The firm said the buyback trend was fading, however, pointing to a potential headwind for equities. (MarketWatch)2 reasons an analyst is worried about Canada Goose stock. Option bull bets heavily on automation stock. Another look a today's big bear note on Twitter.
Oil Rises Again
Oil had another strong session today, rising with equities again. December crude futures finished up 80 cents, or 1.4%, to settle at $57.15 per barrel.
Gold was under pressure during the risk-on session for stocks. December gold fell $26.70, 1.8%, to $1,466.40 an ounce -- the lowest close since August.