S&P Logs Longest Daily Win Streak Since October 2017
Trump said the U.S. and China are "rounding the turn" on a trade deal
U.S. stocks logged modest gains in today's trading, driven by encouraging jobs data and news that noticeable progress is being made between the U.S. and China regarding a trade deal -- with President Donald Trump saying earlier the two countries are "rounding the turn." The Dow took a third straight gain, while the S&P 500 marked a seventh -- its longest daily win streak since October 2017. Both indexes, as well as the tech-heavy Nasdaq, logged a second weekly gain.
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Goldman Sachs: Sell this flat beer stock. History saysto play the Twilio pullback.Plus, the pot stock burning shorts; checking in on Lyft options activity; and bullish analysts blast Snap.The Dow Jones Industrial Average (DJI - 26,424.99) added 40.4 points, or 0.2%. Cheveron (CVX) was the best of the 23 blue-chip gainers, adding 1.3%. Meanwhile, Dow (DOW) was the biggest loser, shedding 4.1%. For the week, the DJI rose 1.9%.
The S&P 500 Index (SPX - 2,892.74) tacked on 13.4 points, or 0.5%, while the Nasdaq Composite (IXIC - 7,938.69) managed to add 46.9 points, or 0.6%. The indexes closed 2% and 2.1% higher for the week, respectively.
The Cboe Volatility Index (VIX - 12.82) lost 0.8 point, or 5.6%. The market's "fear gauge" shed 6.3% for the week.
5 Items on our Radar Today
MacKenzie Bezos will maintain a 4% stake in Amazon (AMZN), as part of a divorce settlement with the company's founder and CEO Jeff Bezos. This amount of stock is reportedly worth $36.5 billion -- making Bezos one of the top four wealthiest women in the world. (MarketWatch) Another E. coli outbreak has hit the Midwest, though the source still unidentified. Earlier today, the Centers for Disease Control and Prevention (CDC) said 72 people have been affected and eight hospitalized across five states. Without a cause pinpointed, the CDC did not have a specific food or restaurant chain for civilians to avoid. (CNBC)This pot stock is burning shorts.LYFT calls were hot on Citron Research nod. Bullish analysts chimed in on Snap stock.
Data courtesy of Trade-Alert
Crude Soars 4.9% on the Week
Crude saw a notable lift in today's trading, as political tensions ramped up in oil-rich Libya. May-dated crude futures closed up 98 cents, or 1.6%, at $63.08 per barrel. For the week, crude logged a 4.9% gain.
Gold prices suffered following this morning'sjobs data. June-dated gold shed $1.30, or 0.1%, to settle at $1,295.60 an ounce for the day, and 0.2% for the week.