Market Breifing

Market Breif

The Dow Jones Industrial Average opened the day down slightly, but rebounded during midday trading and ended up closing at 29,348 points, an increase of 144 points or 0.5%. The S&P 500 and the Nasdaq Composite had similar stories, both closing up 0.7%.

Overall it was a mixed day with nine of the 11 S&P 500 sectors ending in positive territory, while energy and materials posted losses. Technology stocks led the gains by rising 1.3%, followed by consumer discretionary and communication services at 1%.

Analysts attributed the rise in the market to strong earnings reports from several major companies, including Apple, Microsoft and Amazon. Investors also took comfort in reports that stimulus talks were progressing between Democrats and Republicans on Capitol Hill.

However, analysts warned that additional volatility may be ahead as investors await more news on the election and a potential stimulus package. They advised caution when it comes to making investment decisions in the current environment.

Blue Chip Movers

In terms of blue chip stocks, today was a volatile day. Here are three major New York Stock Exchange-listed stocks that had an interesting day.

Intel Corporation (INTC) opened the day at $50.68 and hit highs of $51.11 during midday trading before closing at $50.85, a 0.6% decrease on the day. Analysts noted that Intel has now fallen below its 50-day moving average and may not be able to recover until the uncertainty related to the election is resolved.

McDonald’s Corporation (MCD) opened at $209.18 and rose during midday trading, closing at $211.50, a 0.8% increase on the day. Analysts attributed the rise to strong earnings and increased dividend payments.

Finally, General Motors Corporation (GM) opened at $29.86 and had a roller coaster ride throughout the day, closing at $30.01, a 0.5% increase compared to its opening price. Positive comments from analysts regarding their electric vehicle line-up and the possibility of a better union contract were credited with driving up the stock price.

Overall, it was a volatile day for New York Stock Exchange-listed blue chip stocks. As investors brace for what could be a turbulent few weeks, analysts are warning caution when making investment decisions in this uncertain environment.