Powell's upbeat comments eased investor concerns
The Dow wrapped up its third straight win today following early afternoon comments from Fed Chair Jerome Powell. Speaking at a moderated discussion in Switzerland, Powell said this morning's August jobs report showed a "strong labor market," but said the central bank is monitoring "significant risks" to the economy -- including U.S.-China trade uncertainty -- and will "continue to act as appropriate to sustain ... expansion." The S&P 500 finished higher for a third consecutive session, too. And while the Nasdaq gave up its intraday gains by the close, all three indexes nabbed back-to-back weekly wins.
Continue reading for more on today's market, including:
- These 2 shoe stocks sprinted higher after earnings.
- Herbalife stock may have finally found a bottom.
- Plus, a Ciena stock bull signal; Goldman's a fan of Kellogg; and a Ctrip.com earnings preview .
The Dow Jones Industrial Average (DJI - 26,797.46) recorded a 69.3-point, or 0.3%, gain. Intel (INTC) had the best day of the 20 blue-chip gainers, finishing up 1.6%, while Microsoft (MSFT) led the 10 Dow laggards with its 0.7% drop. The Dow gained 1.5% for the week.
The S&P 500 Index (SPX - 2,978.71) added 2.7 points, or 0.1%, while the Nasdaq Composite (IXIC - 8,103.07) closed down 13.8 points, or 0.2%. For the week, both the S&P and Nasdaq gained 1.8%.
The Cboe Volatility Index (VIX - 15.00) shed 1.3 points, or 7.8%. It plunged 21% on the week.
5 Items on our Radar Today
- Two groups of U.S. state attorneys general confirmed separate antitrust probes into big tech companies. This echoes action at the federal level, with the Justice Department and Federal Trade Commission (FTC) investigating Facebook (FB), Alphabet's (GOOGL) Google, and Amazon (AMZN) for antitrust violations. (Reuters)
- The Brexit drama took another turn today. Opposition parties said they would block Prime Minister Boris Johnson’s second bid to call a snap election to sway a no-deal Brexit. Johnson wants Britain out of the European Union (EU) on Oct. 31. (BBC)
- Signal says Ciena stock could break out of its slump.
- Goldman Sachs just set a Street-high price target for Kellogg stock.
- Puts have been popular on Ctrip.com stock before earnings.
Data courtesy of Trade-Alert
Oil Logs Major Weekly Win
Oil prices finished higher today for their third straight gain, boosted by another weekly decline in active U.S. oil-drilling rigs. October-dated crude futures added 22 cents, or 0.4%, to settle at $56.52 per barrel. For the week, black gold gained 2.6%.
Gold fell today, erasing early morning gains after Powell's comments on the economy eased investor concerns. Gold for December delivery closed down $10, or 0.7%, to settle at $1,515.50 an ounce. It shed 0.9% on the week.