Microsoft was the best Dow stock today
The Dow started the holiday-shortened week off with a bang -- logging its biggest one-day percentage gain since Aug. 26, 2015, as trade war concerns died down on reports of tariff talks between the U.S. and China. Leading the charge among blue chips today was Microsoft (MSFT), which had its best day since October 2015, thanks to a bold price target from Morgan Stanley. Elsewhere, the S&P 500 and Nasdaq notched their strongest sessions in more than two years amid a volatile day for Facebook (FB), while the VIX had its heftiest decline in over a month.
Continue reading for more on today's market, including:
- Behind the $2.2 million volatility trade on gold miners.
- Citron: This e-tail stock has a "major Facebook problem."
- Analyst: Square stock can hit new highs.
- Plus, U.S. steel bulls pounce; Finish Line gets bought out; and Susquehanna downgrades AMD stock.
The Dow Jones Industrial Average (DJI - 24,202.60) finished 669.40 points, or 2.8%, higher. MSFT was the biggest gainer of the 29 Dow stocks finishing in positive territory, adding 7.6%. General Electric (GE) was the only loser, shedding 1.4%.
The S&P 500 Index (SPX - 2,658.55) added 70.3 points, or 2.7%. The Nasdaq Composite (IXIC - 7,220.54) gained 227.9 points, or 3.3%.
The Cboe Volatility Index (VIX - 21.03) finished 3.8 points, or 15.4%, lower.
5 Items on Our Radar Today
- Twitter announced it will be banning cryptocurrency ads, signaling an increasing scrutiny toward virtual currencies over security and fraud claims. Twitter is the third tech entity to enact such a ban, joining Facebook (FB) and Google. (Reuters)
- Shipping giant FedEx (FDX) reserved 20 Tesla (TSLA) Semi trucks. The fully-electric semi was introduced last year, and will begin production in 2019. Tesla has already received orders for the semis from United Parcel Service (UPS), Walmart (WMT) and J.B Hunt (JBHT). (MarketWatch)
- Options bulls eye a bigger U.S. Steel stock bounce.
- Buyout buzz crushed Finish Line shorts.
- Cryptocurrency concerns prompted a downgrade for Advanced Micro Devices stock.
There is no earnings chart today.
Data courtesy of Trade-Alert
Gold Gains as Dollar Cools
Profit-taking and signs of easing trade tensions between the U.S. and China pressured oil prices today. May-dated crude futures gave back 33 cents, or 0.5%, to end at $65.55 per barrel.
Gold futures for April delivery added $5.10, or 0.4%, to close at $1,355 an ounce, the highest point in over a month, and a fourth straight win. A declining dollar and a bullish outlook from Goldman Sachs boosted support for the safe-haven asset.