Dow Surges 215 Points on Earnings, Economic Data
Walmart and Cisco Systems were higher after earnings
The Dow clocked its third straight win on a roughly 215-point gain today, as traders cheered strong earnings from Walmart (WMT) and Cisco Systems (CSCO). A round of upbeat economic data also boosted stocks, helping turn Wall Street's attentionfrom lingering U.S.-China trade uncertainty and President Donald Trump's executive order targeting Chinese company Huawei. A rebounding 10-year Treasury yield had bank stocks contributing to market gains, with the Nasdaq and S&P ending higher, as well.
Continue reading for more on today's market, including:
A look inside Uber's first day on the options board. The Oracle of Omaha's new favorite FAANG stock. Plus, a bull signal flashing for AMD; 2 chip stocks surrounded by options bears; and 2 cancer stocks surging on upbeat drug data.The Dow Jones Industrial Average (DJI - 25,862.68) gained 214.7 points, or 0.8%, in today's trading. Twenty-three of the Dow components finished higher, with Cisco Systemsleading on a 6.7% surge, and 3M (MMM) dropping to the bottom, once again, with a 1.3% loss.
The S&P 500 Index (SPX - 2,876.32) ended 25.4 points, or 0.9%, higher, and the Nasdaq Composite (IXIC - 7,898.05) ended 75.9 points, or 1%, higher.
The Cboe Volatility Index (VIX - 15.29) sunk 1.2 points, or 7%, marking its fifth loss in six sessions.
5 Items on our Radar Today
Angela Ahrendts, who formerly served as retail chief at Apple, just joined the board of directors at popular home-share name Airbnb. Ahrendts, who left Apple earlier this year, will be Airbnb's third independent board member. The news comes before Airbnb's initial public offering (IPO), which is expected as soon as late 2019. (CNBC)Auction giant Sotheby's just joined the automobile game after launching its new collectible car sales. These single-lot auctions kicked off with a 1967 Austin-Healy 3000 Mark II BJ8 on May 10, and will commence on May 23. (MarketWatch)AMD stock could win big according to bull signal. 2 Huawei suppliers slammed by options bears today. Short sellers could jump ship after these 2 pharma firms reported upbeat drug data.
Data courtesy of Trade-Alert
Oil Hits 2-Week High Amid Middle East Turmoil
Oil clocked its third day in the black as tensions in the Middle East continue to take center stage. Oil for June delivery tacked on 85 cents, or 1.4%, to end at $62.87 per barrel, hitting a new two-week high.
Gold, on the other hand, saw its worst day in a month, as traders turned back to stocks amid a surging market. June-dated gold slipped $11.60, or 0.9%, to land at $1,286.20 an ounce.