August 3, 2020

August 3, 2020

Stocks opened higher to begin the week, with every major index finishing the day up about 1% and the NASDAQ hitting another all-time high. In economic news, consumer spending rose 5.6% in June after a record 8.5% increase in May.

 

Dow Jones +236 at 26,664

S&P 500 +23 at 3,295

NASDAQ +158 at 10,903

 

The 10 Year Treasury closed up 3 basis points yielding 0.56%

Oil prices closed up $0.55 ending at $40.82 a barrel

Gold prices closed up $8 ending at $1,994 an ounce

 

The days’ stock news:

  • Shares of Marathon Petroleum increased about a half of percent after the company announced it is selling its Speedway gasoline station chain to 7-11’s parent company.
  • Microsoft shares moved 6% higher after the company announce it is planning to move forward with talks to buy the popular app TikTok from Chinese own ByteDance. They hope to conclude the deal by September 15th.
  • Capital One slashed its quarterly dividend 75% to 10 cents per share. The payout will be made on August 20th.

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