DJ Stocks Move Higher as Earnings Loom, Covid-19 Cases Rise -- Barrons.com
By Teresa Rivas
Stocks are on the rise midday Wednesday, following on the heels of early gains, even as the U.S. passed the three million mark for confirmed coronavirus cases.
The Dow Jones Industrial Average is up 0.2%, or 47.84 points, to 25,938.02 at a recent check, while the S&P 500 is up 0.3%, and the Nasdaq Composite is once again leading the way, with a 0.9% gain.
While the spread of Covid-19 remains a worry, investors were back in a buying mood after the S&P snapped its five-day winning streak on Tuesday, helped by ongoing enthusiasm for Chinese stocks. Yet markets are also working with a lack of major data points at the moment, especially as most companies are gearing up to start reporting quarterly results.
"It's been one of those weeks where direction is hard to define. Monday's rally turned into Tuesday's selloff," writes T.D. Ameritrade's J.J. Kinahan. "This kind of choppy, directionless, low-volume action could continue throughout the next few days as investors await the start of earnings season next week."
The one thing investors do seem keen to keep doing is buying gold.
As for individual stocks, American Express (ticker: AXP) is down 1.9% following a downgrade from Citigroup, which cited valuation.
Kohl's stock (KSS) is up 4.1% after an upgrade from Bank of America Merrill Lynch, which argued that the stock can outperform department store peers.
Nikola stock (NKLA) is up 24.4% on an upgrade from J.P. Morgan that said the selloff had gone too far.
Walt Disney stock (DIS) is up 0.7% as parts of its Disney World location in Florida are set to reopen this weekend.
Write to Teresa Rivas at teresa.rivas@barrons.com
(END) Dow Jones Newswires
July 08, 2020 13:17 ET (17:17 GMT)
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