Market records break yet again, cannabis inched up and more in Thursday’s Closing Bell on Money and Markets.
It was a record day for U.S. markets as the Dow and the S&P 500 both hit record highs Thursday.
The market jump was led by tech stocks like Apple Inc. (Nasdaq: APPL), which rose nearly 2% in afternoon trading after hitting a high of $310.43 just before noon. Advanced Micro Devices Inc. (Nasdaq: AMD) also climbed more than 2% to lead the tech-backed rally.
Money and Markets: Closing Bell*
S&P 500: 3,274 (+21 points, +0.6%)
DOW: 28,956 (+211 points, +0.7%)
NASDAQ: 9,203 (+74 points, +0.8%)
GOLD: $1,550.60 (-5.40, -0.3%)
BITCOIN: $7,825.65 (-163.64, -2%)
U.S. 10-YEAR YIELD: 1.86%
*as of 3:15 p.m. EST
A Big Win
This morning’s Wall Street Wake-Up told you about a possible dip in Bed Bath & Beyond Inc. (Nasdaq: BBBY) stock. Well, the dip happened to the tune of a nearly 20% drop through afternoon trading Thursday following news of weak quarterly earnings.
Additionally, we told you about Voya Financial Inc. (NYSE: VOYA) shopping for potential buyers. That shot the shares up 5.75% on Thursday afternoon trading.
Proctor & Gamble Co. (NYSE: PG) is acquiring female body care company Billie Inc. for an undisclosed amount. Shares of PG were up 0.9% in Thursday afternoon trading.
Private equity company Insight Partners is purchasing Veeam Software — a cloud data company — for $5 billion. Insight already invested $500 million in Veeam in 2018.
A cooling of tensions between the U.S. and Iran sent gold and silver prices down Thursday afternoon.
The price of gold dropped to $1,554.60 an ounce while silver was down 0.21 to $17.86 — after spending days over $18 an ounce.
Cannabis stocks enjoyed a rally Thursday following a longstanding downward trend.
Aurora Cannabis Inc. (NYSE: ACB) — which had been in freefall — jumped nearly 3.5% in afternoon trading while fellow cannabis giant Canopy Growth Corp. (NYSE: CGC) was up almost 2% after strong earnings reported by investor and Corona maker Constellation Brands (NYSE: STZ).
The two primary cannabis ETFs — Advisorshares Pure Cannabis ETF (NYSE: YOLO) and Innovative Industrial Properties (NYSE: IIPR) — were also up Thursday afternoon.
Stock Market Update
The S&P 500 closed up 0.6% at 3,274 points, which is a new high.
The Dow Jones Industrial Average gained 211 points, or 0.7%, to 28,956, also a record. The Nasdaq composite rose 0.8%.
Today’s Big Winners:
(as of 3:15 p.m. EST)
Align Technologies Inc. (Nasdaq: ALGN) +3.8%
Biomarin Pharmaceutical Inc. (Nasdaq: BMRN) +5.8%
Advanced Micro Devices Inc. (Nasdaq: AMD) +2.3%
Ball Corp. (NYSE: BLL) +3.4%
L Brands Inc. (NYSE: LB) +3.3%
Today’s Big Losers:
(as of 3:15 p.m. EST)
Kohl’s Corp. (NYSE: KSS) -7%
Gap Inc. (NYSE: GPS) -3.6%
Henry Schein Inc. (Nasdaq: HSIC) -2.3%
Walgreens Boots Alliance Inc. (Nasdaq: WBA) -1.9%
Tesla Inc. (Nasdaq: TSLA) -1.5%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.