Stocks Post Strong Gains as Tech Recovers
Stocks spent almost the entire day in positive territory
Upbeat data out of China got the trading day started on a positive note, and stocks extended their upside throughout the session. By the close, the Dow was up 371 points, erasing a large chunk of its weekly losses. The S&P 500 and Nasdaq followed suit, driven by strong gains in the tech sector, while stabilizing oil prices and Treasury yields also helped the bullish backdrop.
Continue reading for more on today's market, including:
2 financial stocksgiving bulls an entry point. Why put options popped on Kraft Heinz. Amid global trade tensions, one speculator expects a big move from this Taiwan ETF. Plus, call traders win big with Tinder parent; AMD options spike; and a pharma stock's FDA win.The Dow Jones Industrial Average (DJI - 26,378.53) finished very close to its daily high, up 371.5 points, or 1.4%. All 30 Dow components closed with gains, led by Dow's (DOW) 4.2% gain.
The S&P 500 Index (SPX - 2,938.09) rose 54.1 points, or 1.9%, and the Nasdaq Composite (IXIC - 8,039.16) climbed 176.3 points, or 2.2%. Both the SPX and Nasdaq are now in the black for the week.
The Cboe Volatility Index (VIX - 16.91) dipped 2.6 points, or 13.2%.
5 Items on our Radar Today
Sales for bulletproof backpacks have risen significantly in the aftermath of recent mass shootings in the U.S. The CEO for TuffyPacks told USA Today that sales of certain items have risen 300% to 500%. (USA Today)Farms in the Midwest just had another tough quarter, reporting declining income for the second quarter to extend recent weakness. The trade war with China and record rainfall have been weighing on farms in the middle of the country. (Reuters)Schaeffer's subscribers made a killing on Match Group's surge. The FAANG news that sparked AMD options trading. FDA win hurts this pharma stock's short sellers.
Data courtesy of Trade-Alert
Gold Futures Fall During Stock Gains
Oil prices overcame recent weakness today on hopes for production cuts by the Organization of the Petroleum Exporting Countries (OPEC). September crude futures finished up $1.45, or 2.8%, at $52.54 per barrel.
Gold prices fell today during the risk-on session. December-dated gold was down $10.10, or 0.7%, to close at $1,509.50 an ounce, after hitting a six-year peak yesterday.