The Dow logged its fourth-consecutive day of triple digit gains
Major tech names helped stocks to a win today, though investors are still eagerly awaiting the conclusion to a now very close and drawn out U.S. presidential race. Most FAANG stocks as well as Microsoft (MSFT) all made noteworthy gains, helping the Dow to its fourth-straight triple digit win. Meanwhile, the S&P 500 and tech-heavy Nasdaq Composite also finished notably higher, while the former notched its fourth-straight day of gains over 1%. The last time the SPX achieved that goal was in Oct. 1982.
Continue reading for more on today's market, including:
- DraftKings stock managed serious post-earnings options activity.
- Demand growth steered car maker substantially higher.
- Plus, why Hanesbrand stock is plummeting; a cannabis stock that's smoking hot; and more on Capri Holdings' earnings and revenue beat.
The Dow Jones Industrial Average (DJI - 28,390.18) rose 542.5 points, or 2%, for the day. Dow Inc (DOW) rose 5.4% to lead the list of Dow winners today. Meanwhile, Merck (MRK) paced the small list of two losers with a 0.2% drop
Meanwhile, the S&P 500 Index (SPX - 3,510.45) added 67 points, or 2%, for the day. The Nasdaq Composite (IXIC - 11,890.93) gained 300.2 points, or 2.6% for the day.
Lastly, the Cboe Volatility Index (VIX - 27.58) lost 2 points, or 6.7% for the day.
- President Trump has launched a number of lawsuits against states, as Democrat Joe Biden inched nearer to victory in the U.S. presidential election. (Reuters)
- While the U.S. presidential election uncertainty is gripping the nation, Bitcoin has skyrocketed above $15,000 today, according to data from industry website CoinDesk. (CNBC)
- Despite an earnings beat, next quarter's forecast just sunk HBI.
- Aphria stock is flying high on Biden's presidential buzz.
- Michael Kors parent soared after decimating earnings estimates.
Oil Snaps Win Streak Amid Election Uncertainty
Oil prices reversed course and snapped its three-day win streak, weighed down by a steady increase in COVID-19 cases around the globe, as well as the still undecided outcome of the U.S. election. Additionally, the European Union's (EU) executive commission lowered its economic forecast, and predicted a rebound won't appear until 2023. In response, December-dated crude fell 36 cents, or 0.9%, to $38.79 a barrel.
Gold prices notched their highest level in a month and a half, as the election outcome tightened. A Democrat in office would almost guarantee a bigger stimulus plan and pressure on the dollar. As a result, December gold rose $50.60, or 2.7%, to settle at $1,946.80 an ounce for the day.