October 9, 2020

October 9, 2020

Stocks moved higher today, as investors continue to be optimistic about congress agreeing on a 2nd stimulus package. In economic news, the trade deficit was 67.1 billion in August, slightly higher than the expected 66.7 billion.

 

Dow Jones +161 at 28,587

S&P 500 +30 at 3,477

NASDAQ +159 at 11,580

 

The 10 Year Treasury closed up 1 basis point yielding 0.78%

Oil prices closed down $0.66 ending at $40.53 a barrel

Gold prices closed up $39 ending at $1,927 an ounce

 

The days’ stock news:

  • AMD is in advanced talks to buy the specialty chipmaker Xilinx. The deal could be worth more than $30 billion, with the transaction coming together as early as next week.
  • Cannabis stocks are on the rise after Senator Kamala Harris vowed, on Wednesday, during the debate that the Biden administration would decriminalize marijuana at the federal level.
  • AT&T is planning thousands of job cuts in its Warner Media unit as it seeks to cut costs by up to 20%. Warner Media operates HBO, TBS, and other TV channels.

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