August 12, 2020

August 12, 2020

Stocks opened higher for a 3rd straight day and continued to gain throughout the day, with every major index finishing over 1% higher. In economic news, the consumer price index came in at 0.6% in July, higher than the expected 0.4%.

 

Dow Jones +290 at 27,977

S&P 500 +47 at 3,380

NASDAQ +229 at 11,012

 

The 10 Year Treasury closed up 1 basis point yielding 0.67%

Oil prices closed up $0.97 ending at $42.58 a barrel

Gold prices closed down $18 ending at $1,915 an ounce

 

In the days’ stock news:

  • Shares of Tesla increased 13% after the automaker announced a 5-for-1 stock split, saying it wanted to make more shares accessible to employees and investors. The extra shares will be issued on August 28th to shareholders of record on August 21st.
  • Roku, whose shares are up roughly 125% since it hit its low in March, was rated a buy in new coverage at Deutsche Bank, which noted the streaming video device maker is the leader in its category with a nearly 50% market share.
  • American Eagle Outfitters shares are up 5% after being upgraded at J.P. Morgan Securities upgraded the company, saying American Eagle is mispriced on the low side given multi-year tailwinds in the casual and athletic categories.

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