October 5, 2020

October 5, 2020

Stocks moved higher to begin the week, with every major index up about 2%. In economic news, consumer sentiment increased to 80.4 in September, higher than the expected 79.0.

 

Dow Jones +466 at 28,149

S&P 500 +60 at 3,409

NASDAQ +257 at 11,332

 

The 10 Year Treasury closed up 7 basis points yielding 0.76%

Oil prices closed up $2.30 ending at $39.35 a barrel

Gold prices closed up $9 ending at $1,909 an ounce

 

The days’ stock news:

  • Shares of DraftKings dropped 5% after the betting company announced a public offering of 32 million shares, half by the company and half by certain selling stockholders.
  • Disney announced its Disneyland resort will remain closed for the time being. This came after California regulators agreed to hear more input from California theme park operators before issuing new reopening guidelines.
  • AT&T shares dropped slightly after the company was downgraded at KeyBanc, which points to expectations of declining DirecTV subscriptions and a drop in average revenue per user.

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