The S&P 500 remains a chip-shot from a record high
All three major indexes bounced back in a big way on Wednesday. Both the Dow and S&P 500 finished with modest wins, with the latter just shy of a record close. The tech-heavy Nasdaq Composite scored a big recovery win as well, thanks to surges from giants such as Microsoft (MSFT), Apple (AAPL), and Facebook (FB), among others.
Investor sentiment was also lifted by a new U.S. government deal to purchase 100 million doses of Moderna's (MRNA) potential coronavirus vaccine, although in Congress both sides of the aisle remained miles apart on stimulus negotiations.
Continue reading for more on today's market, including:
- Target stock was added to the 'analyst focus list' as a growth idea.
- Here is why this big box stock could be options bulls' best bet.
- Plus, Tesla jumps on stock split bandwagon; apparel stock gets comfortable after bull note; and firm turns bullish on Marathon's Speedway sale.
The Dow Jones Industrial Average (DJI - 27,976.84) gained 283.9 points, or 1.1% for the day. Apple (AAPL) finished with a 3.3% jump, pacing the 22 gainers. Walgreens Boots Alliance (WBA) paced the eight laggards with a less than 1% fall.
Meanwhile, the S&P 500 Index (SPX - 3,380.35) earned 46.7 points, or 1.4% for the day. The Nasdaq Composite (IXIC - 11,012.24) rose 229.4 points, or 2.1% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.28) dropped 1.8 points, or 7.3%, for the day.
- Presidential candidate Joe Biden announced California Sen. Kamala Harris as his running mate on Tuesday -- here is what it means for the market. (MarketWatch)
- Consumer prices rose the most in one month than they have in the past 30 years, but the increase likely indicates economic recovery, rather than inflation. (CNBC)
- Tesla shares resumed their uptrend after the company announced a five-for-one stock split.
- This apparel retailer earned both a price target hike and upgrade today.
- A brokerage firm turned bullish on gas giant Marathon after its Speedway sale.
There are no earnings reports of note.
Data courtesy of Trade-Alert
Oil Takes the Spotlight as Gold Recovers from Losses
Oil futures finished higher on Wednesday than they have in the past five months, lifted by recent news that domestic crude inventories are down for the third consecutive week. September-dated crude gained $1.06, or almost 2.6%, to end at $42.67 a barrel.
Meanwhile, gold futures inched higher thanks to a weakened dollar. The safe haven asset recovered from yesterday's session, its largest single-session drop since March. Gold for December delivery rose $2.70, or 0.1%, to settle at $1,949 an ounce.