Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished higher Thursday after global bond yields eased from multiyear lows following stronger-than-expected export data from China, sending investors back to risk markets.
- Lyft (LYFT) - Get Report shares climbed after the ride-sharing company posted a narrower-than-expected second-quarter loss and raised its full-year revenue forecast. Lyft is Real Money's Stock of the Day.
- Roku (ROKU) - Get Report shares surged after the media streaming platform posted a narrower-than-expected second-quarter loss, its user based topped 30 million and pricing improved.
Wall Street Overview
Stocks rose Thursday, recovering most of the week's losses, after global bond yields eased from multiyear lows following stronger-than-expected export data from China, sending investors back to risk markets worldwide.
The Dow Jones Industrial Average finished up 371 points, or 1.43%, to 26,378. The S&P 500 rose 1.88%, while the Nasdaq was up 2.24%.
China's exports in July rose 3.3% from last year while imports slowed by 5.6% amid weakening domestic demand and a broader consumer push for made-in-China goods. China's U.S. exports fell 6.5% from last year and its trade surplus narrowed to $27.97 billion.
However, China's year-to-date trade surplus with the U.S. totaled $168.5 billion, the highest on record even in the face of tariffs that affect nearly $250 billion in goods from Beijing.
The stronger China data, as well as gains for equities in Asia, offset concerns linked to China's latest yuan peg. That set the midpoint for its currency at 7.0039 per dollar, the first time Chinese officials have breached the 7 threshold since April 2008.
German bond yields spiked Thursday, pulling global government bonds along with them, following a report that suggested the German government was mulling a spending package that could ignite growth in Europe's biggest economy.
The U.S. 10-year Treasury yield, which briefly fell below 1.6% to hit a 2016 low on Wednesday, was up 0.023 to 1.71%.
Lyft (LYFT) - Get Report shares climbed 3% to $62.10 after the ride-sharing company reported a narrower-than-expected second-quarter loss and raised its full-year revenue forecast. Lyft is Real Money's Stock of the Day.
Symantec (SYMC) - Get Report shares surged 12% to $22.92 amid reports that chipmaker Broadcom (AVGO) - Get Report was in advanced talks to buy the cybersecurity firm's enterprise business after the two sides abandoned takeover talks last month. Symantec is expected to report earnings Thursday after the closing bell.
Shares of Viacom (VIAB) - Get Report rose 3.7% to $30.78 after the media giant posted stronger-than-expected second-quarter earnings. Profit from its Paramount studios grew for the 10th consecutive period.
In economic news, initial claims for state unemployment benefits declined 8,000 to a seasonally adjusted 209,000 for the week ended Aug. 3, the Labor Department said. Data for the prior week was revised to show 2,000 more applications received than previously reported.
Global oil prices also rebounded from seven-month lows. Brent crude contracts for October delivery, the global benchmark, were up $1.64 and selling at $57.87 per barrel, while West Texas Intermediate contracts for September, which are more tightly linked to U.S. gas prices, were up $1.76 at $52.85 per barrel.
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