October 14, 2020

October 14, 2020

Stocks opened higher this morning but turned negative early on and continued that trend throughout the day, with every major index finishing in negative territory. In economic news, the consumer price index increased 0.2% in September, as expected.

 

Dow Jones -166 at 28,514

S&P 500 -23 at 3,489

NASDAQ -95 at 11,769

 

The 10 Year Treasury closed down 1 basis point yielding 0.72%

Oil prices closed up $0.85 ending at $41.05 a barrel

Gold prices closed up $13 ending at $1,901 an ounce

 

The days’ stock news:

  • Shares of Goldman Sachs moved higher after the bank almost doubled earnings estimates and beat revenue estimates. Goldman said it saw higher revenue across all segments amid a continued economic recovery.
  • The FDA uncovered several serious quality control problems at an Eli Lilly plant that is set to manufacture a promising Covid-19 antibody treatment. The issues could hurt Lilly’s bid to get emergency use authorization for that treatment.
  • AMC Entertainment’s CEO denied the rumors that the company was considering bankruptcy, saying the company is only considering raising new capital through equity sales.

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