Both the Nasdaq and S&P 500 nabbed fresh intraday highs
After the market notched its best August performance since the 1980s, stocks look to be building on the momentum, rising to start September. The Dow added over 215 points today, securing its fourth win in five days thanks to promising U.S. economic data. Specifically, the ISM August manufacturing PMI came in at 56, a 19-month high, thanks to new orders, which hit their highest level in 16 years. Elsewhere, the S&P 500 and Nasdaq Composite finished with gains as well, the latter-most guided higher by a nearly 4% rise from Apple (AAPL), and both snagging fresh record closing highs.
Continue reading for more on today's market, including:
- 25 best stocks to own in September.
- Zoom stock notches record high on blowout earnings.
- Plus, one automobile stock that's thriving despite layoffs; Gap preps for election day; and the hedge fund that just went all-in on Kodak stock.
The Dow Jones Industrial Average (DJI - 28,645.66) rose 215.6 points, or 0.8% for the day. Walmart (WMT) finished with a 6.3% rise, pacing the 17 winners. Walgreens Boots Alliance (WBA) paced the laggards with a 3.3% fall.
Meanwhile, the S&P 500 Index (SPX - 3,526.65) added 26.3 points, or 0.8% for the day. The Nasdaq Composite (IXIC - 11,939.67) gained 164.2 points, or 1.4% for today's session. Both indexes locked in record closes.
Lastly, the Cboe Volatility Index (VIX - 26.12) lost 0.3 point, or 1.1% for the day.
- For the fourth straight month, American manufacturers grew in August; however, with the coronavirus pandemic still taking its toll on the economy, many companies aren't risking bringing back many workers or increasing investment. (MarketWatch)
- According to the Labor Department, a net 6 million new jobs are expected to be added to the economy from the period of 2020-29. That's an annual growth rate of just 0.4%, compared to 1.3% during the 2009-19 period. (CNBC)
- Layoffs did little to slow down this automobile stock.
- GPS moved higher after announcing election day action.
- This hedge fund just bought 3.94 million shares in Kodak stock.
Data courtesy of Trade-Alert
Gold and Oil Futures Rise Amid Top-Notch Economic Data
Oil futures rose on Tuesday, after better-than-expected U.S. manufacturing activity data renewed hope for a post-pandemic economic recovery. As a result, October-dated crude added 15 cents, or 0.4%, to finish at $42.76 a barrel.
Gold futures managed to scrape together a gain, despite the aforementioned manufacturing data countering the weakened U.S. dollar. Gold for December rose 30 cents, or 0.02%, to settle at $1978.90 an ounce, a nearly two-week high.