Stocks Snap Losing Streak as Tech Soars
Big gains from Apple and Nvidia helped boost stocks
The Dow explored a 453-point range on both sides of breakeven, eventually settling near its session highs as an analyst-induced surge for Apple (AAPL) offset Boeing's (BA) really bad day. An unexpected rise in January retail sales and Nvidia's (NVDA) well-received M&A news only strengthened bulls' resolve, with the S&P 500 and Nasdaq spending the day in positive territory. By the close, all three indexes had snapped their five-day losing streaks -- something that hadn't been seen since just ahead of the 2016 U.S. presidential election.
Continue reading for more on today's market, including:
This penny stock popped on positive Parkinson's update.Goldman: Drop this oil stock.Options traders made a rare run on this drug stock.Plus, a top trader's take on S&P 2,800; Cowen eyes more upside for Nike; and 3 of today's big movers.The Dow Jones Industrial Average (DJI - 25,650.88) was down 242 points at its session low, before swinging to a 200.6-point, or 0.8%, gain. Apple (AAPL) led the 29 Dow advancers with its 3.5% pop, while Boeing (BA) was the sole blue chip that closed lower, shedding 5.3%.
The S&P 500 Index (SPX - 2,783.30) gained 40.2 points, or 1.5%. The Nasdaq Composite (IXIC - 7,558.06) outpaced its peers, adding 149.9 points, or 2%.
The Cboe Volatility Index (VIX - 14.33) tumbled 1.7 points, or 10.7%.
5 Items on our Radar Today
The White House sent its fiscal 2020 budget to Congress earlier. The record $4.75 trillion budget includes a 5% increase in military spending and $8.6 billion for border wall funding, while detailing big cuts to education and Social Security programs. The Democratic-controlled House has already said they would not pass President Donald Trump's budget proposal. (The New York Times)Barrick Gold said it withdrew its $18 billion bid for Newmont Mining, ending the hostile takeover attempt. Instead, the two major gold producers agreed to combine their Nevada operations as part of a joint venture. (CNBC)Our Senior V.P. of Research Todd Salamone took to CNBC to talk about the S&P and 2,800.Cowen boosted its Nike price target further into record-high territory.These 3 stocks made big moves in today's trading.There are no earnings of note.
Data courtesy of Trade-Alert
Gold Stages Unsuccessful Test of $1,300
Oil prices gained ground on reports Saudi Arabia was considering reducing crude oil exports next month and Venezuela exports have declined after a massive power outage. At the close, oil for April delivery was up 72 cents, or 1.3%, at $56.79 per barrel.
Gold was turned away at the psychologically significant $1,300 mark following a round of upbeat economic reports. April-dated gold fell $8.20, or 0.6%, to settle at $1,291.10 an ounce.