Dow Ekes Out Win as Trade Deal Details Emerge
The "phase one" trade agreement failed to spark a big reaction in stocks
The Dow cooled off today, following Thursday's big win, despite headlines that the U.S. and China agreed to a "phase one" trade deal. The agreement, which will ease back some U.S. tariffs on Chinese goods, and boost Beijing's purchases of U.S. agricultural products, left Wall Street unimpressed however, as many felt the details of the deal were too mild. The S&P and Nasdaq also remained flat for most of the day, though all three indexes notched gains for the week.
Continue reading for more on today's market, including:.
Why this drug stock surged 31%.Bulls bombarded this software stock after earnings. Plus, SNAP snags a bull note; analysts chime in on 2 chip stocks; and AVGO enters the earnings confessional.The Dow Jones Industrial Average (DJI - 28,135.38) added 3.3 points, or 0.01%, and added 0.4% for the week. Of the 30 blue chips, 16 ended higher. American Express (AXP) topped the list on a 1.7% pop, while Dow Inc (DOW) fell to the bottom, shedding 2.1%.
The S&P 500 Index (SPX - 3,168.80) settled 0.2 point, or 0.01% higher, but added 0.7% for the week, while the Nasdaq Composite (IXIC - 8,734.88) tacked on 17.6 points, or 0.2%, with a 0.9% pop for the week.
The Cboe Volatility Index (VIX - 12.63) slipped 1.3 points, or 9.4%, and lost 7.3% for the week.
5 Items on Our Radar Today
General Motors (GM) announced today that it will be investing $1.5 billion in its Chevrolet Colorado and GMC Canyon midsize pickup trucks. Breaking it down, $1 billion will be put into its Wentzville truck plant in Missouri and $500 million will be used for retooling its suppliers' factories. (CNBC)Wireless concern AT&T (T) is set to hike its quarterly dividend by 2% to 52 cents per share, and will be payable Feb. 3 to shareholders on record as of Jan. 10. The firm also said it will be retiring approximately $100 million of stock during the first quarter of next year. (MarketWatch)JMP Securities thinks this social media stock could surge 38%. 2 chip stocks snatching up bull notes today. Behind Broadcom stock's post-earnings tumble.
Oil Keeps Rising on Trade Headlines
Oil prices kept rising today to settle above the psychologically significant $60 per-barrel level, as Wall Street eyed U.S.-China trade headlines. January-dated crude futures added 89 cents, or 1.5%, to settle at $60.07 per barrel, and notched a 1.5% weekly gain.
A weakening dollar helped boost the price of gold today, which also grabbed a gain for the week. February gold futures added $8.90, or 0.6%, to settle at $1,481.20 an ounce. For the week, gold tacked on 1.1%.