08/29/2019

Stocks moved higher today after China said it wants a calm trade resolution. In economic news, July pending home sales fell 2.5% despite low mortgage rates, while weekly jobless claims were in line with expectations at 215,000.

 

Here’s a look at how the major indices finished the day:

Dow Jones Industrial +326 at 26,362

S&P 500 +37 at 2,924

NASDAQ +117 at 7,973

 

The 10 Year Treasury closed up 5 basis points yielding 1.51%

Oil prices closed up $0.80 ending at $56.58 a barrel

Gold prices closed down $14 ending at $1,535 an ounce

 

In the days’ stock news:

  • Best buy beat earnings estimates and raised its full-year earnings forecasts. However, revenue and comparable store sales fell below estimates. Best buy shares declined 8% today
  • Disney’s projections for its Disney+ streaming service may have been to modest, after 43% of households responding to a UBS survey said they intend to subscribe to the service
  • PVH beat earnings estimates by 22 cents, reporting $2.10 per share. Revenue beat forecasts. However, the company behind clothing brands like Calvin Klein also cut its full-year profit forecast for the second time this year