Hurricane Florence and an new EIA forecast boosted crude futures
The Dow Jones Industrial Average (DJI) rallied today, thanks mostly to a big move higher from Apple (AAPL). In fact, the broader tech sector enjoyed gains, helping the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) notch solid wins. Adding to the bullish backdrop was a huge day for oil prices, with crude futures surging amid reports of gasoline shortages before Hurricane Florence hits the U.S. East Coast later this week. However, even with the broad-market gains, the Dow and its index peers remain below key round-number areas.
Continue reading for more on today's market, including:
- Options traders blitzed Wall Street newbie Sonos after earnings.
- The $20 million deal that had this cloud stock climbing.
- How one analyst swapped out EA stock for a video game rival.
- Plus, another bear targets Western Digital; a drugmaker to buy; and SeaWorld's upside potential.
The Dow Jones Industrial Average (DJI - 25.971.06) finished near its session highs, adding 113.99 points, or 0.4%, led by AAPL's 2.5% rise. Microsoft (MSFT) was next on the list of 17 Dow gainers, finishing up 1.7%. As for the 13 blue-chip losers, Intel (INTC) was by far the worst off, dropping 3%.
The S&P 500 Index (SPX - 2,887.89) rose 10.8 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,972.47) added 48.3 points, or 0.6%.
The Cboe Volatility Index (VIX - 13.22) closed down 0.9 point, or 6.6%.
5 Items on our Radar Today
- Amazon Business, the e-commerce giant's marketplace for office supplies, is set to top $10 billion in sales this year. The business was started in 2015, and now sells to 55 Fortune 100 companies. (CNBC)
- China wants to impose $7 billion in sanctions on the U.S. per year. The Asian nation told the World Trade Organization that the U.S. should be penalized for not complying with a dumping duties ruling. (Reuters)
- Western Digital got slammed by another bear note.
- Why it could be time to buy this drugmaker.
- There could be more upside ahead for SeaWorld stock.
Data courtesy of Trade-Alert
Oil Takes Off as Florence Nears
Oil prices surged ahead of Hurricane Florence's expected landfall later this week, as reports of gas shortages begin to appear. Plus, the Energy Information Administration (EIA) lowered its 2018 and 2019 forecasts for domestic production. October-dated crude futures jumped $1.71, or 2.5%, to end at $69.25 per barrel.
Gold closed higher for the first time in three sessions climbing back atop the highly watched $1,200-per-ounce level. Gold set for December delivery was up $2.40, or 0.2%, at $1,202.20 per ounce by the close.