Tech Leads Trade-Induced Stock Rally
AAPL shares were atop the Dow by day's end
Stocks got a shot in the arm today, thanks to news the Trump administration plans to delay some tariffs previously expected to go into effect in September. President Donald Trump admitted to the press that the move was meant to take the burden off consumers during the holiday season, and the news was a boon to the tech sector in particular, with Apple (AAPL) shares pacing the Dow's nearly 400-point surge. Retail stocks also got a boost, helping the S&P 500 notch an impressive win, while investors considered surprising inflation data, as well.
Continue reading for more on today's market, including:
5 signs the stock market is terrified. Puts pop on stock's $1.8 billion M&A news. The analyst that called DCPH's huge move today. Plus, Nvidia's pre-earnings bear note; cruise stock could suit bears; and Bernie's take on the dollar.
The Dow Jones Industrial Average (DJI - 26,275.24) added 367.9 points, or 1.4%, with Pfizer (PFE) and Boeing (BA) ending up as the only two blue chips to close in the red, down 0.5% and 0.02%, respectively. AAPL's 4.2% gain was the best of the other 28 Dow components.
The S&P 500 Index (SPX - 2,926.32) picked up 42.6 points, or 1.5%, and the Nasdaq Composite (IXIC - 8,016.36) rose 152.95 points, or 2%.
The Cboe Volatility Index (VIX - 17.52) shed 3.6 points, or 16.9%.
5 Items on our Radar Today
Data from the Federal Reserve Bank of New York showed growing trouble for U.S. credit card holders. Balances grew to $868 billion during the second quarter, and the number of people late on payments is on the rise. (Reuters)Another study shows that companies with more women in leadership positions tend to perform better. The most recent numbers come from Morgan Stanley, which used information on almost 1,900 companies since 2010 to show that higher percentages of women bosses correlated with better stock performances. (MarketWatch)Nvidia gets a pre-earnings bear note. Cruise stock could be perfect pick for bearish traders. Our founder and CEO Bernie Schaeffer writes about the strength in the dollar.
Data courtesy of Trade-Alert
Oil Gains During Stock Rally
Oil prices rose alongside equities today. Crude futures dated for September settled up $2.17, or 4%, at $57.10 per barrel.
Gold prices moved lower during the risk-on session. December gold futures fell $3.10, or 0.2%, to trade at $1,514.10 an ounce.