The Dow has now logged back-to-back triple-digit gains
The Dow nabbed its second straight triple-digit gain today on renewed trade optimism. Stocks roared out of the gate on U.S.-China trade tailwinds, after representatives from both sides confirmed a tentative early October meeting. This led to the blue-chip index's best single-session percentage gain since Aug. 13, with trade-sensitive Caterpillar (CAT) helping lead the charge. Elsewhere, the S&P 500 and Nasdaq also turned in their best days since mid-August, while Wall Street's "fear gauge" -- the VIX -- earlier fell to its lowest level in over a month.
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The Dow Jones Industrial Average (DJI - 26,728.15) recorded a 372.7-point, or 1.4%, gain. International Business Machines (IBM) had the best day of the 26 blue-chip gainers, finishing up 3.4%, while Coca-Cola (KO) led the four Dow laggards with its 1.2% drop.
The S&P 500 Index (SPX - 2,976.00) added 38.2 points, or 1.3%, while the Nasdaq Composite (IXIC - 8,116.83) closed up 139.9 points, or 1.8%.
The Cboe Volatility Index (VIX - 16.27) shed 1.1 points, or 6.1%.
5 Items on our Radar Today
- The Institute for Supply Management reported the U.S. services sector grew at a quicker-than-expected pace in August. Wholesale trade was the lone service industry out of the 16 tracked that showed a decrease in growth last month, and services industry employment fell to its lowest level since March 2017. (Reuters)
- A day after making headlines for adding a woman to its currently all-male board, The We Company, which owns WeWork, slashed its initial public offering (IPO) valuation to less than $25 billion, and may delay its IPO. WeWork previously raised money at a $47 billion valuation in the private market. (CNBC)
- Slack and At Home both turned dismal quarterly reports today.
- Puts on this biotech stock could double, signal says.
- Bankruptcy buzz spelled new lows for Mallinckrodt stock today.
Data courtesy of Trade-Alert
Gold Logs Worst One-Day Drop In Over A Year
Oil prices finished higher today, but pared most of their gains by settlement. While a weekly drop in U.S. crude inventories propped up black gold at first, gains were whittled away as the day went on. October-dated crude futures added 4 cents, or 0.07%, to settle at $56.30 per barrel.
Gold pulled back sharply today, as investors' appetite for stocks dulled demand for the safe-haven asset. Gold for December delivery closed down $34.90, or 2.2%, to settle at $1,525.50 an ounce -- the metal's worst percentage decline in over a year, and largest daily dollar loss since late 2016.