Day Traders Diary

1/9/20

The major averages jumped to record highs as tensions ease between Iran and the U.S. for now. The Dow Jones Industrial Average closed up 211 points or 0.7% at 28,956, inching closer to 29,000. The S&P 500 climbed 0.7% to 3,274 while the Nasdaq Composite gained 0.8% to end at 9,203.

Tech led the rally once again with Apple shares jumping 2.1% to a record high after Chinese government data showed that iPhone sales rose 18% in December in the country. The S&P 500 tech sector rose 1.1%, led by a 2.4% gain in AMD shares. The chipmaker rose after an analyst at Mizuho Securities upgraded the stock with a $55 price target.

In the financial space, Goldman Sachs rose 2.1% to boost the Dow after Bank of America upgraded the bank to buy from neutral, citing an attractive valuation and the benefits of a possible global economic rebound. Boeing, meanwhile, gained 1.5% after President Donald Trump said he doesn't believe a 737 crash in Iran was due to a mechanical error.

In the retail space, Kohl's fell 6% after issuing an earnings warning. Bed Bath & Beyond fell 19% after withdrawing  full-year guidance on top of reporting disappointing results.

U.S. Treasuries finished the session slightly higher. The 2-yr yield declined one basis point to 1.57%, and the 10-yr yield declined two basis points to 1.86%. The U.S. Dollar Index increased 0.1% to 97.44. WTI crude declined 0.1% to $59.54/bbl.