Dow turns positive for 2020

spike

A trader walks by the New York Stock Exchange (NYSE) on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

Dow Jones Industrial Average rises tk points

Dow positive for 2020

The 30-stock average joined the S&P 500 and Nasdaq as it clawed its way back into positive territory for the year. “To some extent, this is psychologically positive for the market,” Randy Frederick, vice president of trading and derivatives at Charles Schwab. Those gains came after the release of positive economic data. U.S. consumer spending rose 1.9% in July, topping a Reuters forecast of a 1.5% gain, the Commerce Department said. Personal income was also stronger than expected, rising 0.4% while economists had forecast a drop of 0.2%.

Coca-Cola, Walmart lead Dow

Coca-Cola shares jumped 3.3% to lead the Dow higher on Friday. The move came after the company announced a restructuring plan that would streamline its drink portfolio to focus on its larger and more popular brands. Walmart also contributed to the gains, advancing 2.7%. 

What happens next?

Traders will brace themselves for the the end of the month on Monday as well as key employment data set for release later next week. 

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

Mars board member accused of stamping on the foot of ex-employee

People visit the M&M store in Times Square on July in New York City. Spencer Platt | Getty Images A former Mars executive is claiming that a member of the family and the company’s board “stamped” on his foot and told him that he would regret his choice to leave […]