Stocks finished the day higher, with every major index in positive territory. In economic news, U.S. companies in China are speeding up their move away as increasing tariffs continue to hurt their businesses.
Here’s a look at how the major indices finished the day:
Dow Jones Industrial +227 at 27,137
S&P 500 +21 3,000
NASDAQ +86 at 8,169
The 10 Year Treasury closed up 3 basis points yielding 1.73%
Oil prices closed down $1.41 ending at $55.99 a barrel
Gold prices closed up $5 ending at $1,504 an ounce
In the days’ stock news:
- Charles Schwab announced it will cut about 600 jobs, stating it is trying to cut expenses as it deals with the impact of falling interest rates.
- General Electric is seeking to raise up to $3 billion by selling shares of oilfield services company Baker Hughes, reducing its stake to minority level
- Philip Morris increased its quarterly dividend by 3 cents to $1.14 per share. This is a 2.6% increase for shareholders
- Micron Technology was upgraded at Longbow Research, which points to improving pricing fundamentals in the memory and flash storage chip market