September 10, 2020

September 10, 2020

Stocks traded choppy today and turned sharply negative with each of the three major indices sinking more than 1.4%. In economic news, initial weekly jobless claims came in at 884,000, slightly more than expected.

Dow Jones finished -406 at 27,534

S&P 500 finished -60 at 3,339

NASDAQ finished -222 at 10,919

 

The 10 Year Treasury closed down 2 basis points yielding 0.68%

Oil prices closed down $0.96 ending at $37.09 a barrel

Gold prices closed down $2.00 ending at $1,952 an ounce

 

In the days’ stock news:

 

  • Shares of Bed Bath & Beyond closed up more than 4% after Wedbush added the company to its “Best Ideas” list, pointing out that the stock is still trading at distressed levels
  • Spotify closed up a little over 1% and was upgraded based on optimistic projections of subscriber numbers as well as optimism about major labels participating in the company’s “Marketplace” offering. Marketplace lets artists pay Spotify to promote their new music.

 

 

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