Stock market news for August 5, 2020
August 6, 2020
The latest stock market news for August 5, 2020.
Small-cap stocks outperformed, Dow Jones gained more than 370 points.
“Dow jumps 373 points as stimulus hopes blot out weak jobs data. US equities rose on Wednesday as optimism around passing a second stimulus bill outweighed dismal jobs data.
The S&P 500 landed within 2% of a record high. The Dow Jones industrial average posted its fourth-straight gain, lifted mostly by rallying Disney shares.
Here’s where US indexes stood at the 4 p.m. ET close on Wednesday:
S&P 500: 3,327.77, up 0.6%
Dow Jones industrial average: 27,201.52, up 1.4% (373 points)
Nasdaq composite: 10,998.40, up 0.5%
Hiring data released by ADP on Wednesday showed private payrolls in the US increasing by 167,000 in July. The reading lands well below the 1.2 million estimate from economists surveyed by Bloomberg and the revised 4.3 million increase seen in June.
A better-than-expected quarterly performance by Disney boosted major indexes. The company posted a surprise profit of 8 cents per share and announced it surpassed 100 million subscribers across its Disney Plus, ESPN+, and Hulu streaming services.
Novavax shares surged after the biotech firm revealed its COVID-19 vaccine “was generally well-tolerated and elicited robust antibody responses” in an early-stage study.
Shares of online retail firm BigCommerce more than tripled in its trading debut before shares were halted due to volatility. The company sold 9 million shares and raised roughly $216 million.
Square gained after reporting a 64% leap in quarterly revenue year-over-year. The jump was “driven primarily by sellers resuming operations as COVID-19–related restrictions eased, sellers adapting to contactless commerce, and new sellers joining Square,” the company said.”
Stock market data: https://markets.businessinsider.com/news/stocks/stock-market-news-today-indexes-climb-stimulus-negotiations-china-talks-2020-8-1029474915#