Stocks Snap Up More Highs on Trade Headlines
Impressive economic data out of China may have given markets a boost, too
The Dow added over 100 points today, clocking a four-day win streak as investors excitedly eyed new trade developments following last week's phase one trade deal between the U.S. and China. Strong economic data out of China last night may have also sparked some buying action, especially in the tech sector, and helped the stock market brush off a miserable day of trading for blue chip Boeing (BA). That being said, the Nasdaq also surged, while the S&P followed suit, with all three indexes notching fresh record highs.
Continue reading for more on today's market, including:.
3 stocks options players are unwrapping around the holidays. What options bulls are expecting for Nike stock ahead of earnings. Plus, Disney+ expands; Amarin gets an FDA okay, and WVE stock hits a two-year low.The Dow Jones Industrial Average (DJI - 28,235.89) added 100.5 points, or 0.4%. Of the 30 blue chips, 23 ended higher. UnitedHealth (UNH) was the top performer on a 2.3% pop, while Boeing (BA) fell to the bottom, sinking 4.3%. Coca-Cola (KO) remained unchanged.
The S&P 500 Index (SPX - 3,191.45) settled 22.7 point, or 0.7% higher,while the Nasdaq Composite (IXIC - 8,814.23) tacked on 79.4 points, or 0.9%.
The Cboe Volatility Index (VIX - 12.14) slipped 0.5 point, or 3.9%.
5 Items on Our Radar Today
Meat processor Tyson Foods (TSN) was just approved to sell its American poultry products to China for the first time since 2015, when these products were banned after an avian flu outbreak. The sales, which closely follow the phase one agreement signed by the U.S. and China, will begin early next year. (CNBC)The production and exportation of cannabis in Zambia was just made legal, in an effort to boost the southern African country's economy. This approval was won on Dec. 4, according to a government spokesperson, though it is not clear if medical marijuana usage in Zambia itself has been legalized. (Reuters)Disney will test its buzzy new streaming service abroad. Options bulls are bombarding this drug stock after a big FDA ruling. The pharma stock that more than halved today.There are no earnings of note today.
Oil Climbs, Despite EIA Forecast
Oil clung to modest gains today, despite the Energy Information Administration's (EIA) prediction that U.S. production on the commodity will rise by 30,000 barrels a day in January. January-dated crude futures added 14 cents, or 0.2%, to settle at $60.21 per barrel.
With stocks trading at new highs, investors turned their attention away from gold, causing the precious metal to settle slightly lower. February gold futures lost 70 cents to end at $1,480.50 an ounce.