Both the Nasdaq and S&P 500 nabbed fresh intraday highs once again
It was another record-breaking day for the broader market, the Dow adding over 450 points after a surge in blue chips Coca-Cola (KO) and IBM (IBM). Meanwhile, traders took profits out of industry behemoths Apple (AAPL) and Tesla (TSLA), both of which slid after recently completing historic stock splits. Elsewhere, the S&P 500 and Nasdaq Composite finished with gains as well, and both once again snagged new record closes on the heels of vaccine optimism.
Continue reading for more on today's market, including:
- Don't bet on Mylan NV stock this month.
- This telecom stock just broke out of a long-term downtrend.
- Plus, GES surges on surprising earnings report; bulls came after RH; and Teladoc stock clawed back toward August highs.
The Dow Jones Industrial Average (DJI - 29,100.50) rose 454.84 points, or 1.6% for the day. Coca-Cola (KO) finished with a 4.2% rise, pacing the 28 winners. Apple (AAPL) paced the laggards with a 2% fall.
Meanwhile, the S&P 500 Index (SPX - 3,580.84) added 54.2 points, or 1.5% for the day. The Nasdaq Composite (IXIC - 12,056.44) gained 116.8 points, or 1% for today's session.
Lastly, the Cboe Volatility Index (VIX - 26.57) lost 0.5 point, or 1.7% for the day.
- According to the Federal Reserve's latest "Beige Book" findings, the U.S. economy expanded in August. However, a good chunk of the country experienced slower growth due to fears surrounding COVID-19. (MarketWatch)
- Joe Biden, the Democratic presidential nominee, raised a record-breaking 364.5 million in August for his campaign and joint committees with the Democratic party. (CNBC)
- This apparel concern has surged after its surprising second quarter.
- Analysts have piled on RH ahead of earnings.
- Teladoc stock just clawed its way back toward August highs.
Data courtesy of Trade-Alert
Oil Futures Retreat on EIA Data
Oil futures switched course on Wednesday, falling alongside fuel demand in the U.S. -- yet another indicator that economic recovery from the coronavirus may be slower than expected. Specifically, the Energy Information Administration (EIA) reported a 9.4 million barrel decline for last week. As a result, October-dated crude lost $1.25, or 2.9%, to finish at $41.51 a barrel.
It's a similar story for gold futures, which fell just one session after notching a nearly two-week high. This comes despite the dollar's rebound and rising risk sentiment related to manufacturing data. Gold for December fell $34.20, or 1.7%, to settle at $1,944.70 an ounce.