Day Traders Diary
The major averages closed higher, resuming the rally that started last week amid news the U.S. will remove China from a list of currency manipulating countries, increasing optimism ahead of the signing of a key trade agreement. The S&P 500 gained 0.7% to close at 3,288, hitting a record high. The Nasdaq Composite also notched an all-time high, advancing 1% to 9,273 as Tesla shares surged. The Dow Jones Industrial Average rose 83.28 points, or 0.3% to 28,907.
Goldman Sachs and Cisco Systems rose more than 1% each to lead the Dow higher. The S&P 500 was lifted by the tech and real estate and materials sectors, which advanced at least 1.3% each. Apple shares also rose 2.1% to hit a record high.
High-growth stocks have come back to life in 2020. Tesla rose 9.8%, Lululemon Athletica rose 4%, and Beyond Meat jumped 19%. Tesla had its price target raised to $612 from $385 at Oppenheimer. Lululemon raised its Q4 EPS, revenue, and comparable sales guidance.
U.S. Treasuries finished slightly lower in a tight-ranged session. The 2-yr yield and the 10-yr yield increased two basis points each to 1.58% and 1.85%, respectively. The U.S. Dollar Index finished flat at 97.36. WTI crude fell 1.5%, or $0.87, to $58.12/bbl.
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