The Closing Bell 🔔
Dow jumps 196 points, notching its biggest rally in four months. Tech stocks lift the Nasdaq by 1.4%.
Snap shares rose 6% following a report that more teens are ditching Facebook. Macy’s shares soared 5%.
Shares of Provident Financial, a British subprime bank, tanked as much as 75% in minutes after its CEO quit and dividends were cut. The bank, which services those turned away from traditional banks, said it was unable to get its business back on track.
Chipotle stock hit its lowest since 2013. Investors continue to doubt the Mexican food chain’s comeback — and it appears queso is not the savior after all. Shares are down nearly 20% this year.
Ford shares are up 1% after the company announced it will partner with a Chinese brand to create electric cars in China. The new venture will try to tap into China’s push to reduce pollution.
Other market items:
- GOP eyes budget maneuver to allow $450 billion more in tax cuts (Bloomberg)
- Chevron CEO to step down (Wall Street Journal)
- U.S. home prices rose 6.6% in the second quarter (Bloomberg)
- Blue Apron starts hiring freeze (Bloomberg)
- Oregon cuts back on free tuition (CNNMoney)
