Your Daily Rundown
The Dow Jones Industrial Average rose 0.98% to end at 34,754.94 points, while the S&P 500 gained 0.83% to 4,399.76. The Nasdaq Composite climbed 1.05% to 14,654.02.
The S&P 500 materials index jumped 1.35% and the consumer discretionary index rallied 1.50%, both leading among 11 sectors.
Mega-cap stocks jumped with Apple Inc up 0.9% and Amazon.com Inc rising 1.2%, the biggest boosts to the S&P 500 and Nasdaq. Tesla and Google-parent Alphabet both rose more than 1%.
U.S.-traded Chinese stocks Alibaba Group Holding and Tencent Holdings each surged about 8% as concerns around U.S.-Sino trade relations and Evergrande’s debt crisis appeared to ease.
Levi Strauss & Co shares jumped 8.5% after the jeans maker beat third-quarter revenue and profit estimates.
General Motors shares were a notable early-market mover, rising 1.5% after the largest U.S. automaker unveiled plans to double its annual revenue by the end of the decade.
AT&T shares, meanwhile, rose 1.3% as the stock went ‘ex-dividend’ and investors reacted to a Reuters report that linked its funding to the far-right media group OAN and a price target upgrade, to $28 a share, from Moffett Nathanson.
Costco Wholesale shares bumped higher, as well, rising 1.55% after it posted a massive September sales boost that bodes well for the bulk discount retailer’s holiday season momentum.
A bigger-than-expected increase in domestic crude stocks, which the Energy Department said rose by 2.3 million barrels last week, helped pull oil prices from their seven-year highs.
Yesterday’s Market Scorecard
NASDAQ (COMP) 14,654.02
S&P 500 (SPX) 4,399.76
Dow Jones (DJIA) 34,754.94
Russell 2000 (RUT) 2,250.09
The News Desk
Pfizer, BioNTech ask FDA to Authorize Vaccine For Children 5 To 11
U.S. pharmaceutical firm Pfizer and its German partner BioNTech have asked the Food and Drug Administration to authorize their vaccine for emergency use for children 5 to 11 years old, the companies announced.
An estimated 28 million children in the United States would be eligible for the shots if regulators give the green light – a process expected to take several weeks.
The vaccine would be the first available in this country for children younger than 12 years old.
The first time we’re saving the kids last
Google Bans Ads On Content, Including Youtube Videos, With False Claims About Climate Change
Google said it will no longer display advertisements on YouTube videos and other content that promote inaccurate claims about climate change.
The decision, by the company’s ads team, means that it will no longer permit websites or YouTube creators to earn advertising money via Google for content that “contradicts well-established scientific consensus around the existence and causes of climate change.”
“But our former president said it was a hoax”
Democrats Weigh How to Bridge $2 Trillion Gap in Biden’s Spending Bill
Congressional Democrats are beginning to discuss how to pare down a sweeping social-spending bill that President Joe Biden had designed to transform the federal government’s support for lower-income Americans, in a wrenching effort to get it enacted.
Democrats had agreed on a $3.5 trillion outline in the budget resolution passed in August, but Manchin says he can only support up to $1.5 trillion in a final bill. Biden has floated a topline figure of roughly $2 trillion.
Cannot wait for the tax hikes that come along with this
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Thursday, October 7th: Jobless Claims (8:30 AM ET)
Friday, October 8th: Nonfarm Payrolls(Sep) (8:30 AM ET)
Trading Quote of The Day
“Letting losses run is the most serious mistake made by most investors.” – William O’Neil