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Benchmarks ended at their highest levels in one-month on Thursday after comments from President Trump raised hopes of fresh fiscal stimulus.
The Dow Jones Industrial Average (DJI) advanced 122.05 points, or 0.4%, to close at 28,425.51 and the S&P 500 rose 27.38 points, or 0.8%, to close at 3,446.83. The Nasdaq Composite Index closed at 11,420.98, adding 56.38 points, or 0.5%. The fear-gauge CBOE Volatility Index (VIX) decreased 6.1%, to close at 26.36. Advancing issues outnumbered declining ones for 3.05-to-1 ratio on the NYSE and a 1.60-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
All the 11 major sectors of the S&P 500 closed in the positive territory on Thursday, led by a 3.8% gain in the energy sector tracking a jump in oil prices.
International Business Machines Corporation (IBM - Free Report) emerged as the top gainer of the Dow, shares rose nearly 6% after the company reported that it will be splitting itself into two public companies to diversify away from its legacy businesses and focus on high-margin cloud computing.
Overall, the S&P 500 posted 55 new 52-week highs and no new lows, while the Nasdaq Composite recorded 106 new highs and eight new lows.
Fresh Fiscal Aid Hopes Push Indexes to One-Month High
On Thursday, two days after calling off negotiations on a comprehensive stimulus package, President Donald Trump said that some discussions with Democrats are in progress. The hope of negotiations regarding additional support for American airlines and providing citizens with $1200 stimulus checks, helped investors cheer up and stocks rally.
House Speaker Nancy Pelosi told reports on Oct 8, that “there is no stand-alone bill without a bigger bill. There is no bill.” Pelosi made it clear that stimulus measures for the airlines was a matter of national security, but this stand-alone bill could only move through the Congress with guarantees of negotiation on the comprehensive deal.
Solid gains on Thursday has now put major indexes higher for October, after rebounding from losses suffered in September, the first negative month since March this year. However, investors continue to keep a close watch on looming risks remaining in the market especially, the rising coronavirus cases across the globe as a second wave hit in many countries and a slowdown in the economic recovery rate.
Initial Jobless Claims Fall Slightly
On Thursday, the Labor Department reported that initial jobless claims for the week ending Oct 3 came in at 840,000, lower than the revised figure of 849,000, from the previous week. Though the figure is higher than the consensus estimate of 824,000, the number of actual or unadjusted new claims now stands at 1.27 million which is also a pandemic low. Initial claims declined the most in New Jersey and Pennsylvania.
The decline in claims indicates that the labor market could be experiencing a setback amid another wave of corporate layoffs. However, initial jobless claims rose the most in the states of Florida, Ilinois and Virginia.
Morgan Stanley (MS - Free Report) recently entered into an acquisition deal with Boston, MA-based Eaton Vance Corp. (EV - Free Report) , per which the former will acquire the latter for an equity value of about $7 billion. The Voting trust holding all the voting common stock of Eaton Vance has approved the deal. (Read More)
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Stock Market News for Oct 9, 2020
Benchmarks ended at their highest levels in one-month on Thursday after comments from President Trump raised hopes of fresh fiscal stimulus.
The Dow Jones Industrial Average (DJI) advanced 122.05 points, or 0.4%, to close at 28,425.51 and the S&P 500 rose 27.38 points, or 0.8%, to close at 3,446.83. The Nasdaq Composite Index closed at 11,420.98, adding 56.38 points, or 0.5%. The fear-gauge CBOE Volatility Index (VIX) decreased 6.1%, to close at 26.36. Advancing issues outnumbered declining ones for 3.05-to-1 ratio on the NYSE and a 1.60-to-1 ratio on the Nasdaq favored advancers.
How Did the Benchmarks Perform?
All the 11 major sectors of the S&P 500 closed in the positive territory on Thursday, led by a 3.8% gain in the energy sector tracking a jump in oil prices.
International Business Machines Corporation (IBM - Free Report) emerged as the top gainer of the Dow, shares rose nearly 6% after the company reported that it will be splitting itself into two public companies to diversify away from its legacy businesses and focus on high-margin cloud computing.
Among other winners of the Dow components are American Express Company (AXP - Free Report) that rose 3% and The Goldman Sachs Group, Inc. (GS - Free Report) , JPMorgan Chase & Co. (JPM - Free Report) and The Boeing Company (BA - Free Report) that closed at least 2% higher yesterday. International Business Machines carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Sell) stocks here.
Overall, the S&P 500 posted 55 new 52-week highs and no new lows, while the Nasdaq Composite recorded 106 new highs and eight new lows.
Fresh Fiscal Aid Hopes Push Indexes to One-Month High
On Thursday, two days after calling off negotiations on a comprehensive stimulus package, President Donald Trump said that some discussions with Democrats are in progress. The hope of negotiations regarding additional support for American airlines and providing citizens with $1200 stimulus checks, helped investors cheer up and stocks rally.
House Speaker Nancy Pelosi told reports on Oct 8, that “there is no stand-alone bill without a bigger bill. There is no bill.” Pelosi made it clear that stimulus measures for the airlines was a matter of national security, but this stand-alone bill could only move through the Congress with guarantees of negotiation on the comprehensive deal.
Solid gains on Thursday has now put major indexes higher for October, after rebounding from losses suffered in September, the first negative month since March this year. However, investors continue to keep a close watch on looming risks remaining in the market especially, the rising coronavirus cases across the globe as a second wave hit in many countries and a slowdown in the economic recovery rate.
Initial Jobless Claims Fall Slightly
On Thursday, the Labor Department reported that initial jobless claims for the week ending Oct 3 came in at 840,000, lower than the revised figure of 849,000, from the previous week. Though the figure is higher than the consensus estimate of 824,000, the number of actual or unadjusted new claims now stands at 1.27 million which is also a pandemic low. Initial claims declined the most in New Jersey and Pennsylvania.
The decline in claims indicates that the labor market could be experiencing a setback amid another wave of corporate layoffs. However, initial jobless claims rose the most in the states of Florida, Ilinois and Virginia.
Stocks that Made Headline
Morgan Stanley Inks Deal to Acquire Eaton Vance, Boosts AUM
Morgan Stanley (MS - Free Report) recently entered into an acquisition deal with Boston, MA-based Eaton Vance Corp. (EV - Free Report) , per which the former will acquire the latter for an equity value of about $7 billion. The Voting trust holding all the voting common stock of Eaton Vance has approved the deal. (Read More)
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>