Dow Snaps Skid on Positive Coronavirus Developments
Gold futures logged their fifth straight gain
The Dow bounced back with a triple-digit win today, snapping a three-day losing streak in the process. The blue-chip index was propped up by a recovery from Apple (AAPL), while the number of newly confirmed coronavirus cases came in at their lowest level since January. In addition, China's Ministry of Industry and Information Technology said it would be willing to help businesses --such as the airline industry -- that have seen the outbreak disrupt their supply chains. The S&P 500 and Nasdaq both finished higher and nabbed new intraday record highs along the way, with the tech sector in particular, leading the charge.
Continue reading for more on today's market, including:
Options traders are targeting these solar stocks.This drug stock breached a key trendline after earnings.Plus, an Apple supplier earnings preview; the streaming name to bet on; and Tesla's big bull note.The Dow Jones Industrial Average (DJI - 29,348.03) finished 115.8 points, or 0.4% higher for the day. Goldman Sachs (GS) paced the 18 winnerswith a 1.8% gain, while Walmart (WMT) paced the 12 laggards with a 1.6% drop.
The S&P 500 Index (SPX - 3,386.15) gained 15.9 points, or 0.5%,while the Nasdaq Composite (IXIC - 9,817.18) tacked on 84.4 points, or 0.9%. The S&P 500 hit an intraday record high of 3,393.52, while the Nasdaq hit a record high of 9,838.37.
The Cboe Volatility Index (VIX - 14.38) lost 0.5 point, or 3%.
5 Items on Our Radar Today
Housing starts in the U.S. fell by a smaller-than-expected amount last month. Plus, permits approached a 13-year high for January, underscoring the strength of the housing market. A homebuilder survey also showed confidence remained near two-year highs. (Reuters)In the Fed minutes from last month's meeting, officials reportedly disclosed that interest rates would likely stay where they are for the time being. The confidence in the economy has overall increased since the previous forecasts in December, the notes show. (CNBC)This Apple supplier is about to step into the earnings confessional.Here's why you should buy the dip on Roku stock.Tesla stock resumed its climb after a big bull note.
Data courtesy of Trade-Alert
Oil Gets a Libyan Lift; Gold Gets Fifth Straight
Crude futures gained today, rising in response to the U.S. sanctions against Russian oil giant Rosneft, as well as the reported decline in Libyan oil output. March-dated oil added $1.24, or 2.4% to settle at $53.29 per barrel. It's black gold's highest settlement in three weeks.
Gold futures made it five straight today, as safe-haven assets still show appeal despite the coronavirus slowdown. Gold for April delivery gained $8.20, or 0.5%, to settle at $1,611.80 an ounce.