Dow Jumps Again; Apple Stock Falls After iPhone X
The U.S. stock market rallied once again, with the S&P 500 Index (SPX) hitting fresh record highs and the Dow Jones Industrial Average (DJIA) expanding on Monday's huge surge -- thanks in large part to a bank rally and Pfizer's big day. Stocks got an early boost from Treasury Secretary Steve Mnuchin, who predicted tax reform would get done by the end of the year. The Nasdaq Composite (COMP) also finished higher, notching a record closing high, though a sharp drop in Apple stock pulled the tech-heavy index off its intraday peak as traders reacted to the company's highly anticipated product unveil. On top of the $999 iPhone X, Apple also revealed a new smartwatch and a 4K Apple TV.
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The Dow Jones Industrial Average (DJIA - 22,118.86) added another 61.5 points, or 0.3%, for its highest close ever. Of the Dow's 30 stocks, 21 closed higher, led by Pfizer's 3.1% gain. McDonald's 3.2% loss paced the losers.
The S&P 500 Index (SPX - 2,496.48) rose 8.4 points, or 0.3%, after touching an all-time peak of 2,496.77 in intraday action. The Nasdaq Composite (COMP - 6,454.28) added 22 points, or 0.3%.
The CBOE Volatility Index (VIX - 10.58) fell 0.2 point, or 1.4%.
5 Items on Our Radar Today
Apple's iPhone X -- pronounced iPhone 10 -- features a new OLED screen instead of the classic LCD screen. The phone also features facial recognition technology that allows users to unlock it, plus a new top-to-bottom screen and wireless charging capability. However, the phone won't be out until November. (CNBC)Senator Heidi Heitkamp said executives at Equifaxshould be investigated for selling stock after finding out about the company's massive security breach. The Democrat from North Dakota compared their actions to insider trading and said "somebody needs to go to jail." (CNBC)Options traders are betting on a quick retreat from Western Digital. The drug stock that shed 15% today. A surging tech stock with cheap options.
Data courtesy of Trade-Alert
Commodities
The rally in equities weighed on gold once again, reducing demand for "safe haven" assets. Gold dated for December delivery fell $3, or 0.2%, to $1,332.70 per ounce.