Day Traders Diary
The major averages jumped to record highs as tensions ease between Iran and the U.S. for now. The Dow Jones Industrial Average closed up 211 points or 0.7% at 28,956, inching closer to 29,000. The S&P 500 climbed 0.7% to 3,274 while the Nasdaq Composite gained 0.8% to end at 9,203.
Tech led the rally once again with Apple shares jumping 2.1% to a record high after Chinese government data showed that iPhone sales rose 18% in December in the country. The S&P 500 tech sector rose 1.1%, led by a 2.4% gain in AMD shares. The chipmaker rose after an analyst at Mizuho Securities upgraded the stock with a $55 price target.
In the financial space, Goldman Sachs rose 2.1% to boost the Dow after Bank of America upgraded the bank to buy from neutral, citing an attractive valuation and the benefits of a possible global economic rebound. Boeing, meanwhile, gained 1.5% after President Donald Trump said he doesn't believe a 737 crash in Iran was due to a mechanical error.
In the retail space, Kohl's fell 6% after issuing an earnings warning. Bed Bath & Beyond fell 19% after withdrawing full-year guidance on top of reporting disappointing results.
U.S. Treasuries finished the session slightly higher. The 2-yr yield declined one basis point to 1.57%, and the 10-yr yield declined two basis points to 1.86%. The U.S. Dollar Index increased 0.1% to 97.44. WTI crude declined 0.1% to $59.54/bbl.
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