Developments out of Hong Kong and China boosted global markets
The Dow logged a triple-digit gain today, with the blue-chip's recovery sparked by a positive political development in Hong Kong and upbeat economic data from China. This helped drive a rally in tech stocks, with Intel (INTC) shares gaining more than 4%. Investors also digested a raft of Fed speeches, with comments from New York Fed President John Williams gaining attention. The voting member of the Federal Open Market Committee (FOMC) said the U.S. economy is in "a favorable place," but remains "vigilant to act as appropriate to support continuing growth."
Continue reading for more on today's market, including:
- 2 penny stocks that popped today.
- This chip stock is a top pick at J.P. Morgan Securities.
- Plus, 2 REITs to watch; frenzied options activity on Box and Roku; and a soaring software stock.
The Dow Jones Industrial Average (DJI - 26,355.47) recorded a 237.5-point, or 0.9% gain. INTC had the best day of the 27 blue-chip gainers, finishing up 4.1%, while UnitedHealth (UNH) led the three Dow laggards with a 1.7% drop.
The S&P 500 Index (SPX - 2,937.78) added 31.5 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,976.88) closed up 102.7 points, or 1.3%.
The Cboe Volatility Index (VIX - 17.33) shed 2.3 points, or 11.9%.
5 Items on our Radar Today
- One day after losing his working majority in parliament, British Prime Minister Boris Johnson suffered another setback today, after the House of Commons voted to block a no-deal Brexit. The bill now goes to the House of Lords, and could force the government to request a three-month Brexit delay, instead of leaving without a deal in late October. (Reuters)
- The We Company, which owns WeWork said it would add Harvard Professor Frances Frei to its board following its upcoming initial public offering (IPO), marking the first woman on what is currently an all-male board. The shared workspace startup has also faced public backlash over CEO Adam Neumann's overarching role in the company. (CNN)
- Bulls should keep an eye on these 2 REIT stocks.
- Box and Roku rallied, and options traders piled on.
- This software stock is at new record highs after earnings.
Data courtesy of Trade-Alert
Oil Rallies; Gold Holds Near Six-Year Highs
Oil prices also rallied today, on expectations data will show a third straight weekly decline in domestic inventories. October-dated crude futures finished up $2.32, or 4.3%, to settle at $56.26 per barrel its largest one-day gain in roughly two months.
Gold finished higher today, as well, shaking off early losses thanks to a weakening greenback. Gold for December delivery closed up $4.50, or 0.3%, at $1,560.40 an ounce -- the metal's highest close in six years.