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The Dow Jones Industrial Average (DJIA) had a historic day, hitting a fresh record high in intraday action. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) joined in on the fun, as the SPX notched an all-time trading high, while the COMP logged its biggest percentage gain since November, after a rough couple of weeks. The widespread market gains were aided by the tech sector, with Amazon stock building off its recent momentum by shooting to an all-time high. Apple stock pulled its weight, as well, helping guide the blue-chip index higher.
Continue reading for more on today’s market, including:
- The rare stock market signal not seen since 2013.
- Options volume exploded on these 2 surging stocks
- This sector is “undervalued,” according to many investors.
- Plus, the benefits of options trading; call buyers blasted these 2 steel stocks; and 5 signs we haven’t hit a market top.
The Dow Jones Industrial Average (DJIA – 21,528.99) rallied 144.7 points, or 0.7%, to end at a record high. Twenty-one of the Dow’s 30 stocks ended higher, led by Apple’s 2.8% gain. Exxon Mobil and Travelers paced the declining minority, giving up 1% each.
The S&P 500 Index (SPX – 2,453.46) ended with a gain of 20.3 points, or 0.8%, after an all-time peak of its own. The Nasdaq Composite (COMP – 6,239.01) bounced back a whopping 87.3 points, or 1.4%, to mark its best percentage gain since Nov. 7, 2016.
The CBOE Volatility Index (VIX – 10.37) fell 0.01 point, or 0.1%.
5 Items on Our Radar Today:
- New York Fed President William Dudley said today, “Inflation is a little lower than what we would like, but we think that if the labor market continues to tighten, wages will gradually pick up and with that, inflation will gradually get back to 2 percent.” This reiterates the stance taken by Fed Chair Janet Yellen, following last Wednesday’s rate hike. (Reuters)
- The Federal Trade Commission (FTC) is seeking a temporary restraining order to block the merger of fantasy sports sites DraftKings Inc. and FanDuel, saying a marriage between the two companies would “deprive customers of the substantial benefits of direct competition.” DraftKings and FanDuel issued a joint statement saying they would “work together to determine our next steps.” (Los Angeles Times)
- A quick refresher on the benefits of options trading.
- These 2 steel stocks got blasted by call buyers following Longbow Research’s bullish outlook.
- 5 signs we haven’t hit a market top.
Data courtesy of Trade-Alert
Oil resumed its slide today, as concerns over a domestic supply glut resurfaced. July-dated crude futures fell 54 cents, or 1.2%, to close at $44.20 a barrel.
Gold fell today, as the dollar strengthened and traders flocked toward riskier assets. August-dated gold futures fell $9.80, or 0.8%, to $1,246.70 an ounce.