Dow Springs to Life on Back of Big Tech
Amazon and Facebook both grabbed record highs today
The Dow grabbed a roughly 370 point win on Wednesday, with the rallying tech sector providing a springboard off yesterday's last-minute lows. The S&P 500 and Nasdaq enjoyed sizable gains of their own -- the former clocking its highest close since early March -- as FAANG names Facebook (FB) and Amazon (AMZN) both managed to grab record highs midday. Also injecting Wall Street with another dose of optimism were impressive earnings from several retailers, such as Lowe's (LOW), and increasing leniency in lockdown measures, which is already having positive effects on the travel and entertainment sectors.
Continue reading for more on today's market, including:
The Apple supplier to buy next week, and 24 other stocks that look good after Memorial Day. One notable semiconductor stock is flirting with record highs ahead of earningsPlus, CVS' million-dollar relief return; JNJ caught in controversy; and when to buy stocks next week.
The Dow Jones Industrial Average (DJI - 24,575.90) surged 369 points, or 1.5% today. All but six Dow members finished in the black. Disney (DIS) took the lead with a 6.7% win, while Johnson & Johnson (JNJ) was the biggest loser on the board, off 0.9%.
The S&P 500 Index (SPX - 2,971.61) added 48.7 points, or 1.6% for its highest close since March 6, while the Nasdaq Composite (IXIC - 9,375.78) ended 190.7 points, or 2.1%, higher.
The Cboe Volatility Index (VIX - 27.99) lost 2.5 points, or 8.3%.
5 Items on Our Radar Today
The discount grocery store start-up Imperfect Foods has been buying up food that won't go bad from hotels and airports, even before the start of the coronavirus. The company has worked with JetBlue's (JBLU) catering supplier, among others, to purchase airline snacks that otherwise would have gone to waste because of travel and lockdown measures taken within the last few months. (CNBC)A cyclone in eastern India and Bangladesh has killed at least 14 people today and destroyed thousands of homes. The natural disaster, dubbed Cyclone Amphan, has officials struggling with how to deal with relief efforts amid the current global pandemic. (Reuters)The million-dollar relief return giving CVS stock a leg up. Johnson & Johnson's baby power controversy is far from over. When investors should pick up stocks during the Memorial Day week.
Data courtesy of Trade-Alert
Oil Hits 10-Week High; Gold Climbs Higher
Oil futures hit a new 10-week high today after the Energy Information Administration reported a weekly decline of 5 million barrels for crude supplies in the U.S. July-dated crude added $1.53 cents, or 4.8%, to settle at $33.49 a barrel, the highest front-month contract finish since March 10.
The Fed's April meeting minutes outlined a more explicit future for interest rates amid the U.S. economy's slow open. This gave gold futures another boost, with gold for June delivery settling up $6.50, or 0.4% higher to $1,752.10 an ounce.