Day Traders Diary
The major averages were higher today, boosted by optimism around U.S.-China trade talks as well as the corporate earnings season. The Dow Jones Industrial Average advanced 56 points, or 0.2%. The S&P 500 rose 0.6%, notching its first close above 3,000 since Sept. 18. The Nasdaq Composite climbed 0.9%. The S&P 500 could reach this week an all-time high set in July. The broad index is just 0.7% from hitting 3,027.98, the record from July 26.
Apple shares led the Dow higher, rising more than 1.5% to a record high after an analyst at Raymond James hiked his price target on the tech giant to $280 per share from $250. Those gains offset a 3.8% drop in Boeing's stock.
Chinese Vice Premier Liu He said over the weekend Beijing would work with the U.S. to address one another's trade concerns. He also said both sides have made "substantial progress" on trade. China's chief negotiator in the trade talks also said that stopping the trade war would be good for both countries — as well as the global economy.
The beaten-up energy sector led the sectors up 1.9%, undeterred by struggling oil prices $53.29/bbl, -$0.47, -0.9%. The financial sector rose 1.4% amid strength in JPMorgan Chase up 2.5% and the steepening yield curve.
The 2-yr yield increased two basis points to 1.59%, and the 10-yr yield increased five basis points to 1.79%. The U.S. Dollar Index was little changed at 97.32.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.