July 31, 2020

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.