August 28, 2020

August 28, 2020

Stocks moved higher today, with every major index up about 1%. In economic news, U.S. consumer spending rose 1.9% in July, more than the expected 1.6%.

 

Dow Jones +161

S&P 500 +23

NASDAQ + 70

 

The 10 Year Treasury closed down 2 basis points yielding 0.73%

Oil prices closed down $0.05 ending at $42.99 a barrel

Gold prices closed up $39 ending at $1,964 an ounce

 

The days’ stock news:

  • Shares of Coca-Cola increased 3% after the company announced a reorganization which will condense the current 17-unit business structure into 9 units. This realignment will result in an undetermined number of both voluntary and involuntary job cuts.
  • HP Inc. shares moved 6% higher after beating earnings and revenue estimates. this was helped by a surge in demand for laptops, as more people have been forced to work from home due to the pandemic.
  • Penn National Gaming and DraftKings are down after both companies were downgraded at Morgan Stanley, which stated much of the increased value in both stocks is valid, but both have more than doubled in 2020 and investors’ expectations may be too high.

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