The tech sector had a huge day, thanks to softened trade rhetoric
Another big day in the tech sector fueled a strong performance for U.S. stocks, with the Dow grabbing its highest close since Aug. 8. Traders responded bullishly to softened trade rhetoric between the U.S. and China, sending chip stocks to the top of the major indexes. As such, the S&P and Nasdaq also posted impressive wins, putting them on pace to snap a four-week losing streak, while oil prices also had another solid day.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,362.25) recorded a 326.2-point, or 1.3%, win, with Caterpillar (CAT) leading the 26 Dow advancers with a 2.5% gain. Johnson & Johnson (JNJ) had the worst day of the four blue-chip losers, finishing off 0.3%.
The S&P 500 Index (SPX - 2,924.58) rose 36.6 points, or 1.3%, while the Nasdaq Composite (IXIC - 7,973.39) closed up 116.5 points, or 1.5%.
The Cboe Volatility Index (VIX - 17.88) fell 1.5 points, or 7.6%.
5 Items on our Radar Today
- The Trump administration has proposed to remove limits on methane admissions that were put in place during the Obama presidency. An Environmental Protection Agency (EPA) worker told Reuters that they expect emissions to keep falling all the same. (Reuters)
- Hurricane Dorian is expected to become a Category 4 hurricane in the coming days. Such a storm would mean "catastrophic damage," and it's expected to hit parts of Florida. (CNBC)
- A recycling stock that soared today.
- These stocks tend to jump in September.
- Call traders are rushing JinkoSolar ahead of earnings.
Data courtesy of Trade-Alert
Oil Enjoys More Upside
Oil prices grabbed another win today. October-dated crude futures finished up 93 cents, or 1.7%, at $56.71 per barrel.
Another day of strong stock performance meant more weakness in gold prices. Gold for December delivery closed down $12.20, or 0.8%, at $1,536.90 an ounce.