Stocks shed early gains amid the continued struggling tech sector
After beginning the day on a high note, stocks gave up some gains after a recovery attempt in the tech sector failed to find solid footing. The Dow finished the day over 130 points higher, despite early in the day rallying nearly 300 points, after the Labor Department said its U.S. consumer price index rose by 0.4% in August -- slightly above the expected 0.3% increase. Elsewhere, the S&P 500 dipped below its 50-day moving average for the first time since April, while the Nasdaq Composite dropped below the same trendline, notching its worst week since March.
Continue reading for more on today's market, including:
- eBay stock moved higher on Board of Directors news.
- Founder and CEO Bernie Schaeffer breaks down Tesla's wild week.
- Plus, options bulls are piling on this grocery stock; Domino's stock is heating up; and Oracle stock just notched a record high.
The Dow Jones Industrial Average (DJI - 27,665.64) added 131.06 points, or 0.5% for the day, but lost 1.7% for the week. Nike (NKE) paced the list of winners today, finishing the day 2.8% higher. Meanwhile, Salesforce.com (CRM) bottomed out the list of nine laggards, with a 1.9% fall.
Meanwhile, the S&P 500 Index (SPX - 3,340.97) rose 1.8 points, or 0.05% for the day. The Nasdaq Composite (IXIC - 10,853.55) lost 1.1 points, or 0.07% for today's session. The indexes lost 2.5% and 4.1%, respectively, for the week.
Lastly, the Cboe Volatility Index (VIX - 26.87) fell 2.8 points, or 9.6%, for the day, and 12.6% for the week.
- Despite the toll the coronavirus pandemic has taken on the job market, a handful of retailers, e-commerce sites and delivery services have announced plans to hire hundreds of thousands of workers for the upcoming holiday season. (CNBC)
- Homeowners have the opportunity to refinance, as new data shows that mortgage rates once again recently hit a new low. (Yahoo Finance)
- Why options bulls charged toward Kroger stock.
- This Pizza stock heated up after analyst upgrade.
- Fresh highs for this cloud specialist after earnings.
Data courtesy of Trade-Alert
Gold Finishes Week Higher on Concerns of Economic Recovery
Oil prices finished the day higher, but still locked in their second weekly drop as demand continued to weaken thanks to rising COVID-19 cases. As a result, October-dated crude rose 30 cents, or 0.08%, to end at $37.33 a barrel for the day, and 6% for the week.
Meanwhile, that lack of additional stimulus from the U.S. government and European Central Bank alike took its toll on gold prices today. The precious metal, however, finished the week higher amid concerns surrounding economic recovery. Gold for December, fell $16.40, or 0.8%, to settle at $1,947.90 an ounce, and rose 0.7% for the week.