Stocks Soar in Record-Setting Session
China said it'll finally make moves on intellectual property
Stocks rallied today thanks to positive headlines around U.S.-China trade relations, with the latter country saying it will raise penalties for intellectual property theft. A flurry of corporate dealmaking also added to the bullish bias, as the tech sector -- and chip stocks in particular -- helped lead the market higher. The S&P 500 and Nasdaq roared to record highs as a result, and the Dow's big day has it knocking on the door of a fresh all-time peak, as well.
Continue reading for more on today's market, including:.
Why one analyst says to ditch Netflix stock. Puts are starting to pop on retail ETF XRT.Plus, huge moves from pharma stocks; Disney stays hot; and e-commerce stock moves on M&A buzz.
The Dow Jones Industrial Average (DJI - 28,066.47) rose throughout the day, ending up 190.9 points, or 0.7%. Twenty-two of the 30 Dow components closed higher, with UnitedHealth's (UNH) 2.1% gain leading the way. Exxon Mobil (XOM) fell 0.7% to pace the losers.
The S&P 500 Index (SPX - 3,133.64) added 23.4 points, or 0.8%, and the Nasdaq Composite (IXIC - 8,632.49) jumped 112.6 points, or 1.3%.
The Cboe Volatility Index (VIX - 11.87) fell 0.5 point, or 3.8%.
5 Items on Our Radar Today
RISC-V Foundation, a nonprofit that's developing semiconductor technology with help from the Pentagon, is moving to Switzerland due to trade disruptions in the U.S. The firm was started back in 2015, and more than 325 companies pay to be members. (Reuters)The price of cryptocurrency bitcoin continues to fall, after China's central bank warned people about digital currencies on Friday. Bitcoin has lost roughly $3,000 in value in a month, and is at the lowest levels since May. (CNBC)These pharma stocks made huge moves today. Why Disney stock was hot again. M&A news sent traders to this e-commerce stock.
Oil Prices Gain with Stocks
Oil prices moved higher today with equities. January crude futures finished up 24 cents, or 0.4%, at $58.01 per barrel.
Gold prices fell today during the risk-on trading. December gold futures gave back $6.70, or 0.5%, to end at $1,456.90 an ounce.