July 31, 2020

Stocks opened mixed but managed to gain momentum throughout the day, with every major index finishing in positive territory. In economic news, consumer spending jumped 5.6% in June, rising for a second straight month.

Dow Jones +115 at 26,428

S&P 500 +25 at 3,271

NASDAQ +157 at 10,745

The 10 Year Treasury closed flat yielding 0.54%

Oil prices closed up $0.47 ending at $40.39 a barrel

Gold prices closed up $25 ending at $1,991 an ounce

The days’ stock news:

Merck beat earnings and revenue estimates and raised its full-year forecast. This was due to a 29% increase in sales of its cancer drug and other factors.
Shares of Apple are moved 10% higher after the company beat earnings and revenue estimates by a wide margin. Apple saw gains in every product category. This was helped by consumers and students working and learning from home. Apple also announced a 4-for-1 stock split.
Facebook shares increased 8% after the company forecasts a growth in ad sales, despite a boycott by some key advertisers and cutbacks due to the pandemic.