After beginning the session with a strong performance, stocks pulled back slightly to close out the day with modest gains. Most notably, the Dow began the day with a triple digit rise, but finished just 2 points higher, as shares of Apple (AAPL) struggled, eventually rising to close the session within the last few minutes of trading. Elsewhere, the S&P 500 and the Nasdaq also managed a close in the black, amid promising economic data from the Empire State Manufacturing index, which came in at 17 for September. A continued rally in Big Tech helped the latter index lock in a not-so-modest, triple-digit win.
Continue reading for more on today’s market, including:
- How this broadcasting giant’s c-suite shakeup weighed heavy.
- KHC shares rose on company’s $2 billion pledge.
- Plus, more on Amazon’s Luxury Stores; 3M stock’s win streak could snap; and FRAN’s dismal second-quarter results in bankruptcy buzz.
The Dow Jones Industrial Average (DJI – 27,995.60) added 2.3 points, or 0.01%. Salesforce.com (CRM) paced the list of winners today, finishing the day 2% higher. Meanwhile, Caterpillar (CAT) landed at the bottom with a modest 3.2% drop.
Meanwhile, the S&P 500 Index (SPX – 3,401.20) gained 17.7 points, or 0.5% for the day. The Nasdaq Composite (IXIC – 11,190.32) tacked on 133.7 points, or 1.2% for today’s session.
Lastly, the Cboe Volatility Index (VIX – 25.59) fell 0.3 point, or 1%.
- Wayfair (W), Etsy (ETSY), and Amazon.com (AMZN) are just a few e-tailers that have outperformed in 2020, and the shift toward online spending is only accelerating as the coronavirus pandemic shows few signs of slowing down. (MarketWatch)
- Both parties of Congress are committed to passing a coronavirus relief legislation in an effort to snap a month-long impasse. (Reuters)
- Amazon.com stock was boosted after launching Luxury Stores.
- An upbeat forecast might not be enough to extend MMM’s win streak.
- Bankruptcy is a grim reality for this boutique chain.
Data courtesy of Trade-Alert
Gold Closes at Highest Finish in Weeks
Oil finished higher once again today, as worries surrounding the incoming hurricane Sally shook southern U.S. states and crude production. Meanwhile, demand concerns are equally as strong as industry experts predicted a slower recovery from the pandemic than previously expected. October-dated crude added $1.02, or 2.7%, to settle at $38.28 per barrel.
Elsewhere, gold rose to close at a two-week high, thanks to a rise in U.S. Treasury note yields. Meanwhile, eyes remained on the outcome of the two-day U.S. Federal Reserve’s meeting. Gold for December-delivery tacked on $2.50, or 0.1%, to settle at $1,966.20 an ounce.
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