The stock market added over 1% across the board today as tech names and financials saw a rebound. The Dow 30 closed the day higher by 311, the S&P 500 added 36, and the Nasdaq 100 gained 114 on the day. This week has been a choppy week so far with many technical traders wondering if the 200 day moving average will hold of the S&P 500.
Facebook (FB ) shares were higher on the day by 4.5% as the company announced changes to the third party tools it uses for privacy. One of the changes that many users are cheering is the settings which will now be on one single page rather than on nearly 20 different pages. The stock has sold off sharply since news of the data breach last week. Facebook has been in the headlines every day since in an effort to comfort users that they take their privacy seriously.
Nike (NKE ) announced an 8 year extension of their deal with the NFL. The deal is specific to apparel which covers uniforms showing the nike swoosh along with the Jordan brand which will now be seen on NFL fields as well. Shares were up slightly on the news (+1.18%). Despite the market turbulence, Nike has mostly managed to stay near highs.
PVH Corp. (PVH ) was your leader in the S&P 500 today gaining 5.15% after reporting earnings and revenue that came in above expectations. The apparel company with brands like Calvin Klein, and Tommy Hilfiger says that they expect more strength going forward this year thanks to success with their brands. Shares are higher by over 10% this year so far and remain near highs.
Amazon (AMZN ) has found themselves in President Trump's crosshairs for the second day in a row. The President tweeted that he is concerned that Amazon pays "little or no taxes to state & local governments." He also commented that he disliked the fact that they use the US Postal System as their "Delivery Boy" which costs the US taxpayers.