Dow Manages a Win Ahead of Fed
Trading may not pick up until after Wednesday's Fed decision
The Dow spent much of the day in negative territory due to more losses out of Boeing, but the blue-chip index managed to reverse higher by the close, extending its win streak to four sessions. The S&P 500 and Nasdaq followed similar paths, with both benchmarks notching modest gains after a wishy-washy session. Chances are high that many traders will take a wait-and-see approach ahead of Wednesday's Fed decision, as tomorrow's economic schedule is also quite bare.
The odd options activity around PayPal. A young e-sports stock an analyst thinks can double.What to expect from stocks if the Fed holds rates steady. Plus, 3 reasons to ditch one FAANG stock; the Apple supplier swimming in red ink; and the red-hot biotech that could cool off.The Dow Jones Industrial Average (DJI - 25,914.10) gained 65.2 points today, or 0.3%, with a 2.1% rise out of Goldman Sachs (GS) pacing the 20 blue chips that ended in the black. The biggest loss from the 10 losers was Boeing's (BA) 1.8% pullback.
The S&P 500 Index (SPX - 2,832.94) rose 10.5 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,714.48) added 26 points, or 0.3%.
The Cboe Volatility Index (VIX - 13.10) moved up 0.2 point, or 1.7%.
5 Items on our Radar Today
Ride-hailing app Lyft is seeking to go public at a valuation of around $23 billion. At the time of the company's initial public offering (IPO), expected March 29, the market cap will likely be listed at just $19 billion, due to the shares owned by insiders. (Reuters)Start-up funding expert Y Combinator is betting on the podcast industry, investing $150,000 in Brew. This comes as other podcast businesses Luminary and Himalaya bring in funding in the hundreds of millions of dollars. (TechCrunch)An analyst gives 3 reasons to bench this FAANG stock.The Apple supplier hit with bear notes. Signal says to buy options insurance on this biotech.
Data courtesy of Trade-Alert
Oil Prices Gain Again
Oil prices rose again today on hopes that supply cuts from major producers would continue. April crude futures closed up 57 cents, or 1%, at $59.09 per barrel.
Gold ended with a small loss today. April-dated gold dipped $1.40, or 0.1%, to end at $1,301.50 per ounce.