A phase one deal with China has been reached, Trump confirmed
Stocks soared today, with the Dow closing over 300 points higher after a report from Bloomberg News said the U.S. and China came to a partial trade deal earlier today. Bullish momentum accelerated into the close after President Donald Trump confirmed, speaking alongside Chinese Vice Premier Liu He in the Oval Office, that the two countries have reached a "very substantial phase one deal," with phase two to follow "almost immediately." As a result, the major equity benchmarks bounced out of negative week-to-date territory to close firmly higher.
Continue reading for more on today's market, including:
- Why traders should keep an eye on these 3 Brexit stocks.
- The FAANG stock that hit a new high during today's rally.
- Plus, CrowdStrike puts pop; ROKU gets a bull note; and one analyst's JNJ forecast.
The Dow Jones Industrial Average (DJI - 26,816.59) added 319.9 points, or 1.2%, and gained 0.9% for the week. Dow (DOW) led the 26 gainers, up 4.9%, while McDonald's (MCD) suffered the biggest drop, down 1.3%.
The S&P 500 Index (SPX - 2,970.27) settled 32.1 points, or 1.1%, higher, with a 0.6% lead for the week. The Nasdaq Composite (IXIC - 8,057.04) tacked on 106.3 points, or 1.3%, and was up 0.9% for the week.
The Cboe Volatility Index (VIX - 15.58) fell 2 points, or 11.3%, today, with an 8.6% loss for the week.
5 Items on Our Radar Today
- Google (GOOGL) is expanding the plans for its proposed second headquarters in San Jose. The multipurpose HQ2 will cover 80 acres and feature over 7 million square feet of office space. (CNBC)
- A U.S. federal judge just blocked the Trump administration's proposed rule denying visas and green cards to immigrants based on financial status. (Reuters)
- The sour Goldman note that had options bears flocking to CrowdStrike today.
- Netflix rival ROKU made moves on an upgrade from RBC.
- Why one analyst turned bullish on JNJ's latest litigation outlook.
Data courtesy of Trade-Alert
Gold Hits One-Month Low
Oil kept climbing today as anxieties over energy demand eased amid trade optimism. November-dated crude futures gained $1.15, or 2.2%, to settle at $54.70 a barrel, and ended the week 3.6% higher.
Gold slid once again, bottoming out at its lowest close in a month as optimism over trade had investors turning back to stocks. Gold futures for December delivery shed $12.20, or 0.8%, to end at $1,488.70 per ounce. The commodity lost 1.6% for the week, marking its biggest weekly loss in seven months.