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Dow Jumps 200 Points on Strong Earnings, Led by Big Tech

Published 08/03/2020, 09:28 AM
Updated 08/03/2020, 10:04 AM
© Reuters.

By Christiana Sciaudone

Investing.com -- U.S. stock markets began August where they left off in July, opening higher on the first trading day of the month. 

Tech shares led the advance as Microsoft (NASDAQ:MSFT) continued its pursuit of TikTok, this time with presidential approval. Marathon Petroleum (NYSE:MPC) rose 2% after saying it will sell its gas stations for $21 billion.

The positive sentiment in equity markets continued despite the ongoing pandemic and a lack of certainty on the prospects for a fiscal coronavirus relief deal. Investors also seem to be setting aside increased tensions with Beijing, most recently over a possible ban of TikTok and other Chinese software companies. 

By 10:04 AM ET (1404 GMT), the Dow Jones Industrial Average was up 218 points or 0.83%. The S&P 500 was up 0.8% and the Nasdaq Composite was up 1.35%.

Eli Lilly (NYSE:LLY) rose more than 2% after saying it will begin testing its Covid-19 drug in nursing homes  





Latest comments

bullish
when fed is buying, you can sell at whatever price you want. put pe, eps money flow evryrhing in the bin..
It must be the last of those $600 a week unemployment bonuses that are pumping the markets this morning.
This is litetally the best argument for UBI in America. Everyone wins, except the USD.
Earnings come in strong... lol... if this was fiction you would not believe it was possible in the real world.... what a joke!
The markets are never wrong. Sure they are due for a correction, but its better to accept the decisions individuals are making as they are, rather than as they should be.
Profits are tumbling down all over the S&P500 compared to Q2 2019... losses are getting staggering high... but hey, the markets are never wrong... 😂
whoa...bulls on the move again. Go bulls go!
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