The Dow closed 152 points higher
Turning deeper into positive territory just after midday, the Dow closed a comfortable 152 points higher, with investors encouraged by a slew of corporate earnings, including reports from Coca-Cola (KO) and Tesla (TSLA). Furthermore, weekly jobless claims dropped to 787,000 for last week, much lower than the expected 875,000 and only the second time since March claims have dropped below 800,000.
The S&P 500 and Nasdaq ended modestly in the black as well, while the 10-year Treasury yield hit a four-month high to the benefit of several bank stocks, particularly JPMorgan Chase (JPM). Meanwhile in Washington D.C., U.S. officials reported that Russia and Iran are making attempts to interfere with the presidential election, while the second stimulus bill is still being negotiated in Congress.
Continue reading for more on today's market, including:
- Options traders eye Tesla stock after a fifth-straight profit beat.
- COVID-19 testing company upped its full-year forecast.
- Plus, home buying frenzy boosts PulteGroup stock; Hyatt stock receives rare upgrade; and the student loan company on the move.
The Dow Jones Industrial Average (DJI - 28,363.66) gained 152.8 points, or 0.5%. Chevron (CVX) rose to the top of the Dow, adding 3.6%, while Salesforce.com (CRM) landed at the bottom with a 1.8% loss.
Meanwhile, the S&P 500 Index (SPX - 3,453.49) added 17.9 points, or 0.5% for the day, while the Nasdaq Composite (IXIC - 11,506.01) tacked on 21.3 points, or 0.2%.
Lastly, the Cboe Volatility Index (VIX - 28.11) lost 0.5 point, or 1.9%.
- As investors look for clues into economic recovery, some say diesel demand is a good indicator as a "fuel of industry." (MarketWatch)
- As the presidential election looms, Amanda Agati, chief strategist at PNC, has this to say about predicting the outcome. (CNBC)
- Here's how PulteGroup stock reacted to an upbeat quarterly report.
- Hyatt Hotels stock highlighted after analyst upgrade.
- NAVI rises on a slew of bull notes.
Oil Rises on Positive Reports
Oil futures closed higher after today's session, with positive jobless claims data boosting sentiment as well as Vladimir Putin's announcement that Russia has not ruled out delaying OPEC+ production increases scheduled for January. December-dated crude rose 61 cents, or 1.5%, to settle at $40.64 a barrel.
Gold futures snapped their three-day win streak, though the safe-haven asset rose sharply from their session lows. December gold fell $24.90, or 1.3%, to settle at $1,904.60 an ounce.