September 22, 2020

September 22, 2020

Stocks moved higher today, snapping a 4-day losing streak, with every major index finishing up about 1%. In economic news, Fed chair Powell said the Federal Reserve will support the economy for as long as it needs too.

 

Dow Jones +140 at 27,288

S&P 500 +35 at 3,316

NASDAQ +185 at 10,964

 

The 10 Year Treasury closed down 1 basis point yielding 0.66%

Oil prices closed up $0.29 ending at $39.60 a barrel

Gold prices closed down $4 ending at $1,898 an ounce

 

The days’ stock news:

  • Shares of Amazon moved 6% higher after Bernstein upgraded the company, saying the 16% pullback its stock has seen over the last few weeks has created an attractive entry point. Amazon has had a 50% increase in fulfillment capacity this year.
  • Walmart is partnering with Goldman Sachs to provide lines of credit to third-party merchants who sell their products on Walmart.com.
  • Vroom and Carvana both moved over 10% higher after the companies were upgraded at Goldman Sachs, which noted the potential for long-term growth in the auto sales.

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