September 9, 2020

September 9, 2020

Stocks moved higher today, managing to gain back most of the losses from yesterday. In economic news, average hourly wages increased 0.4% in August, which was higher than expected.

 

Dow Jones +440 at 27,940

S&P 500 +67 at 3,399

NASDAQ +294 at 11,142

 

The 10 Year Treasury closed up 2 basis points yielding 0.70%

Oil prices closed up $1.29 ending at $38.05 a barrel

Gold prices closed up $14 ending at $1,949 an ounce

 

The days’ stock news:

  • Shares of Peloton continued to rise after both Cowen and Goldman Sachs raised their price targets to $110 per share, noting strong demand during the pandemic and the announcement of new products and price cuts.
  • AstraZeneca paused trials of its Covid-19 vaccine candidate after a study participant came down with an unexplained illness. The trials will be on hold while an independent committee reviews safety data.
  • Lyft reported a 7.3% increase in rides during August compared to a month earlier, although that was down 53% from a year ago.

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