Stock Market News For Jan 7, 2020
Zacks Investment Research | Jan 06, 2020 09:23PM ET
U.S. stocks rebounded from Friday’s losses on Monday, as investors shrugged off geopolitical tensions arising in the Middle East. Internet biggies Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc.’s (NASDAQ:GOOGL) gains during Monday’s trading session, a result of positive analyst ratings, also boosted major indexes.
Other technology stocks and the basic materials sector upped their game as well, primarily because of strength in issues related to energy. In addition, lack of any substantial economic news had investors looking ahead at the preliminary U.S.-China trade deal.
The three major indexes— the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite — closed in the green on Monday. Dow hit 28,703.38 after gaining 0.2%, the broader S&P 500 finished at 3,246.28 after rising 0.4% and the Nasdaq Composite closed at 9,071.46 after increasing 0.6%.
The fear-gauge CBOE Volatility Index (VIX) declined 1.2% to close at 13.85 on Jan 6. Finally, advancers outnumbered decliners on the NYSE by a 1.09-to-1 ratio.
Investors Look Beyond Middle East Tension
Investors fixed their attention on the stock market on Monday, seemingly unaffected by the rising geopolitical tensions in the Middle East because of the assassination of Iranian military chief Qassem Soleimani in a U.S. airstrike last week.
Soleimani, chief of Iranian military operations in Syria and Iraq, was killed in the airstrike authorized by President Donald Trump early on Jan 3 in Baghdad. Over the weekend, Tehran said that Iran would no longer abide by its 2015 nuclear agreement with global powers. Trump had pulled U.S. out of the agreement in 2018.
In addition, after Iraqi lawmakers voted in favor to expel about 5,200 U.S. troops stationed in the country to help fight Islamic State extremists, Trump reportedly threatened Iraq with harsh sanctions should the country follow through the resolution.
Chinese Trade Delegation to Arrive in U.S.
Per the Zacks Investment Research
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