S&P 500, Nasdaq Shake Off Coronavirus Fears For New Highs
Coronavirus has officially surpassed SARS in death toll
The Dow picked up an impressive triple-digit win today, despite trading more than 100 points in the red at its session lows. Powered by a 2.6% burst from Microsoft (MSFT), the blue-chip index at least for a day shook off the worsening coronavirus outbreak, which has now surpassed SARS with a death toll of 908. Meanwhile, the S&P 500 roared higher in last-minute trading to nab a record close, while the tech-heavy Nasdaq -- thanks to a big day from Amazon.com (AMZN) -- finished comfortably in the black and hit an intraday record high.
Continue reading for more on today's market, including:
Puts were popular today for this gold ETF.Why this drug stock scaled the Nasdaq.Plus, an Under Armour bear signal; LB eyes Victoria's Secret sale; and QSR's big chicken sandwich win.The Dow Jones Industrial Average (DJI - 29,276.82) gained 174.3, or 0.6% for the day. Microsoft paced the 23 winnerswith a 2.6% gain, while Walmart (WMT) fell to the bottom of the barrel on a 1.1% drop.
The S&P 500 Index (SPX - 3,352.09) tacked on 24.4 points, or 0.7%,while the Nasdaq Composite (IXIC - 9,628.39) added 107.9 points or 1.1%. Each index touched fresh record highs of 3,352.26 and 9,628.66, respectively.
The Cboe Volatility Index (VIX - 15.04) gave back 0.4 point, or 2.8%.
5 Items on Our Radar Today
Amazon.com (AMZN) is seeking depositions from President Donald Trump and members of his cabinet over the awarding of a Pentagon cloud contract. Amazon Web Service (AWS) wants to depose Trump, Defense Secretary Mark Esper and former Defense Secretary James Mattis over the $10 billion cloud contract given to Microsoft (MSFT) over Amazon. (CNBC)Last year, according to a confidential report, North Korea reportedly improved its nuclear and ballistic missile programs; a direct violation of United Nations (UN) sanctions. The U.S. and North Korea had denuclearization talks in 2019 that stalled and were looking to be revived in 2020. (Reuters)Under Armour stock just flashed a bearish signal ahead of earnings.Victoria's Secret and L Brands may be splitting up.Call traders target more gains after QSR's chicken sandwich success.
Data courtesy of Trade-Alert
Oil Drops, Gold Grabs Fourth Straight
Crude futures took another hit today, breaching the psychologically significant round $50 level as the coronavirus fueled expectations of sapped demand.March-dated oil lost 75 cents, or 1.5%, to settle at $49.57 per barrel, their lowest settlement since January 2019.
Gold futures grabbed their fourth-straight gain, as safe haven assets continue to become popular amid the fast-moving outbreak of the coronavirus. Gold for April delivery gained $6.10, or 0.4%, to settle at $1,579.50 an ounce.