Wall Street is still rallying to Monday’s massive sell-off, with the top three benchmarks claiming their fourth straight victory. The Dow Jones rose 238 points higher to hit a new closing high, while the S&P 500 and Nasdaq both also set new highs. For the week, all three clues landed in the dark. Big Tech has driven the market today after several big names social media apps posted strong profits. Elsewhere, the IHS Markit Flash Composite Purchasing Managers Index (PMI) for the United States fell to 59.7 in July from 63.7 in June, marking a four-month low.
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the Dow Jones Average (DJI – 35,061.55) increased 238.2 points, or 0.7% for the day and 1.1% for the week. Of the 30 Dow components, Visa (V) led the list today, adding 2%, while Intel (INTC) landed at the bottom of the list with a 5.3% drop.
the S&P 500 Index (SPX – 4,411.79) won 44.3 points, ie 1% for the day and 2% for the week. Meanwhile, the Nasdaq Composite (IXIC – 14,836.99) scored 152.4 points, or 1%, for the day, and 2.8% for the week.
Finally, the Cboe volatility index (VIX – 17.20) lost 0.5 point, or 2.8% for the day, and 6.8% for the week.
- US Secretary of Commerce Wilbur Ross is one of seven people the Chinese Foreign Ministry has declared the government sanctions after the United States’ warning to Hong Kong. (Bloomberg)
- In order to deter the theft of unemployment benefits, the State of California will issue chip debit cards. (CNBC)
- EDU sank into penny stock territory after a potential nonprofit decision in China.
- Option traders Skechers shares targeted after record earnings report.
- Analysts responded bull notes to soar SNAP.
4 Week Gold Snaps Winning Streak
Oil prices rose for the fourth day in a row after Monday’s drop, as investors continue to monitor supply and demand amid a surge in Covid-19 cases. Crude dated September rose 16 cents, or 0.2%, to $ 72.07 a barrel. For the week, prices based on the first month’s contract prices rose 0.7%.
Gold futures ended lower today, under pressure from rising Treasury yields and the US dollar. Gold dated August fell $ 3.60, or 0.2%, to $ 1,801.80 an ounce. For the week, gold futures fell 0.7%, ending a four-week winning streak.
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