Marijuana stock Tilray was twice halted for volatility
The Dow spiked for the second straight day, notching another multi-month closing high and moving within striking distance of a fresh all-time peak. Blue-chip bank stocks JPMorgan (JPM) and Goldman Sachs (GS) led the charge, rallying thanks to a rising 10-year Treasury yield, and fellow Dow name Caterpillar was close behind due to lingering trade tailwinds. A wild day for marijuana stocks also made headlines, with cannabis specialist Tilray (TLRY) getting halted twice for volatility amid an unbelievable surge up the charts. But while the S&P 500 Index held near record highs, the Nasdaq fell due to tech sector weakness.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,405.76) had another strong session, holding most of the day's gains into the close, ending up 158.8 points, or 0.6%. There were 20 gainers out of the 30 Dow stocks, and, as alluded to, GS and JPM had the best days, rising 2.9% apiece. Verizon (VZ) suffered the worst loss at 1.6%, and Procter & Gamble (PG) was flat for the day.
The S&P 500 Index (SPX - 2,907.95) closed up 3.6 points, or 0.1%, and the Nasdaq Composite (IXIC - 7,950.04) slid 6.1 points, or 0.1%.
The Cboe Volatility Index (VIX - 11.75) gave back 1 point, or 8.1%, for its lowest close since Aug. 9.
5 Items on our Radar Today
- The European Union (EU) is investigating Amazon (AMZN) for potential antitrust violations. EU Competition Commissioner Margrethe Vestager, who's previously slapped tech giants Google and Apple with fines, said the EU is looking into Amazon's use of data from third-party sellers. (Business Insider)
- It was already known that Nike (NKE) saw big online sales growth after its Colin Kaepernick ad, and new data from Thomson Reuters shows the company also saw a 61% rise in the number of sold-out items on its site. Nike also discounted fewer products in the 10 days after the ad, and social media sentiment on the company has turned more positive recently. (Reuters)
- The drug stock that fell on kickback allegations.
- Another analyst is expecting strong subscriber growth from Netflix.
- Twin bull notes lifted Transocean stock.
Data courtesy of Trade-Alert
Oil Prices Gain on Inventory Decline
Another weekly decline in domestic crude inventories helped bolster oil prices today. October crude futures finished up $1.27, or 1.8%, at $71.12 per barrel.
Gold prices also nudged higher. December-dated gold managed a $5.40, or 0.5%, win, to close at $1,208.30 an ounce.