Consumer confidence hit an 18-year high for October
Stocks held onto big gains throughout today's session, thanks to a slew of positive corporate earnings and reduced trade anxieties. The Dow finished up over 430 points, aided by well-received quarterly results from Coca-Cola (KO). Meanwhile, the China tariff fears that triggered yesterday's sharp pivot lower were assuaged today after President Donald Trump said a “great deal” could be struck on trade. As investors digested an 18-year high in consumer confidence for October, the S&P 500 and Nasdaq also finished firmly in the black.
Continue reading for more on today's market, including:
- This pot stock just sent up a buy signal.
- General Electric options bears piled on after earnings.
- Record "Red Dead" sales powered this video game stock.
- Plus, the casino stock to sell; Under Armour's big day; and why we're bullish on Walgreens.
The Dow Jones Industrial Average (DJI - 24,874.64) closed up 431.7 points, or 1.8%. Intel (INTC) led 26 Dow stocks higher with its 5.2% gain, while IBM (IBM) paced the four decliners with its 3.5% fall.
The S&P 500 Index (SPX - 2,682.63) added 41.4 points, or 1.6%, while the Nasdaq Composite (IXIC - 7,161.65) tacked on 111.36 points, or 1.6%. Today marks the Nasdaq's fifth consecutive triple-digit point move.
The Cboe Volatility Index (VIX - 23.35) gave back 1.4 points, or 5.5%.
5 Items on our Radar Today
- Apple (AAPL) had a big product event in Brooklyn earlier today, where it unveiled a new Apple iPad Pro, MacBook, and Mac Mini. The long-awaited updates to the MacBook feature some of Apple's latest face recognition technology and edge-to-edge LCD display. (CNBC)
- On the company's earnings conference call earlier today, Coca-Cola CEO James Quincey stated the beverage giant has no plans to enter the cannabis industry. Over the summer, Constellation Brands (STZ) made waves after investing in weed company Canopy Growth Corp (CGC). (MarketWatch)
- The worst could be yet to come for this casino stock.
- Under Armour stock surged on a blowout earnings report.
- Walgreens stock has room to run.
Data courtesy of Trade-Alert
Oil Settles at 2-Month Low
Oil prices fell again today, with expectations calling for tomorrow's domestic inventories report to show a substantial weekly build in crude stockpiles. December-dated crude futures gave back 86 cents, or 1.3%, to finish at $66.18 per barrel -- a two-month low.
Gold futures fell today as the dollar strengthened. The December-dated gold contract shed $2.30, or 0.2%, to close at $1,225.30 an ounce.