Stocks Gain on Trade Deal Optimism, Apple Rally
The S&P is running back up toward the 20% year-to-date return level
Last Friday's losses were reversed today as investor optimism ramped up over earnings season and a potential U.S.-China trade deal. Specifically, Chinese Vice Premier Liu He announced over the weekend that both sides were making "substantial progress." As far as individual stocks go, Apple (AAPL) boosted the Dow after a glowing bull note from Raymond James pushed the FAANG stock to record highs, helping traders to brush off even more bad news from Boeing (BA). The S&P also closed higher, but stopped just short of revisiting its 20% year-to-date return level at 3,008.
Continue reading for more on today's market, including:
The social media stock popping on a pre-earnings bull note. How outperforming Hasbro stock could catch even more upside. The bank stock that just entered the "race to zero."Plus, puts pop on UPS stock; EBAY options bears up the ante; and one penny stock gets an FDA nod.The Dow Jones Industrial Average (DJI - 26,827.64) added 57.4 points, or 0.2%. JPMorgan Chase (JPM) led the 19 gainers with a 2.5% pop, while Boeing (BA) once again was the biggest loser of the 10 decliners, off 3.8% for the day. Pfizer (PFE) was unchanged.
The S&P 500 Index (SPX - 3,006.72) settled 20.5 points, or 0.7%, higher. The Nasdaq Composite (IXIC - 8,162.99) closed up 73.4 points, or 0.9%.
The Cboe Volatility Index (VIX - 14.00) lost 0.3 point, or 1.8%.
5 Items on Our Radar Today
Teva Pharmaceutical (TEVA) rallied after announcing an "agreement in principle" over opioid-related allegations with attorneys general from several states, as well as a settlement with two Ohio counties. "The company is pleased to positively contribute to solving the nationwide opioid epidemic," said Teva in a statement. (CNBC)Months after the U.S. college admissions scam, four parents, including the former CEO of Pimco, are set to plead guilty, admitting to paying thousands of dollars in bribes to ensure their childrens' admission into top schools. (Reuters)How options traders are playing UPS stock ahead of earnings. Behind the extreme put buying levels surrounding EBAY stock right now. Penny stock FOMX pops on an FDA OK.
Data courtesy of Trade-Alert
Gold Keeps Inching Lower as Stocks Pop
Oil prices continued to tumble today on persistent global demand concerns. November-dated crude futures finished down $0.47, or 0.9%, to settle at $53.31 a barrel.
Gold, once again, ended lower as investors turned their attention back to an outperforming stock market. Gold futures for December delivery lost $6, or 0.4%, to end at $1,488.10 per ounce.