Dow Surrenders Triple-Digit Lead; Tech Helps Nasdaq Higher
The DJI was up more than 200 points at its session high
The Dow was up more than 200 points at its session high, but erased its lead to turn lower in last-minute trading. On the other hand, the S&P 500 ended higher after a sharp two-day sell-off, and a rebound in tech and a few FAANG stocks helped the Nasdaq outperform its peers. Energy stocks were mostly higher as oil prices bounced, and the battered retail sector also took a respite from its decline, thanks to some well-received earnings reports. Looking ahead, U.S. markets will be closed tomorrow for Thanksgiving, and will end at 1 p.m. ET on Black Friday.
Continue reading for more on today's market, including:
The penny stock that doubled today. 2 homebuilder stocksto avoid. The S&P moving average to watch this week. Plus, Mylan slips after an FDA letter; Foot Locker flies after earnings; and EIX gets an analyst upgrade.
The Dow Jones Industrial Average (DJI - 24,464.69) finished almost flat today, inching nearly 1 point lower. Half of the 30 Dow stocks ended higher, with Nike (NKE) in the lead, gaining 1.8%, and Johnson & Johnson (JNJ) bringing up the rear with a 3% loss.
The S&P 500 Index (SPX - 2,649.93) gained 8 points, or 0.3%, while the Nasdaq Composite (IXIC - 6,972.25) rose 63.4 points, or 0.9%.
The Cboe Volatility Index (VIX - 20.80) gave back 1.7 points, or 7.5%.
5 Items on our Radar Today
Cannabis retailers are reporting sales spikes on the day before Thanksgiving, dubbing the day "Green Wednesday". The sector expects even greater sales this year, with the legalization of recreational cannabis in Massachusetts going into effect earlier this week. (CNBC)Amazon's dual HQ2s and a growing demand for public transpiration could mean a highly anticipated push for Amtrak's Gateway Program -- which would update infrastructure and modernize the heavily congested North East Corridor, the route between D.C. and Boston. (MarketWatch) The FDA letter that weighed on Mylan.Foot Locker scored a round of analyst upgrades after earnings. Analyst: Buy EIX stock, despite the wildfire backlash.
Data courtesy of Trade-Alert
Oil Rebounds Despite Increased Stockpiles
Despite aninth consecutive increase in crude stockpiles last week, oil prices were back up today, bouncing from their lowest levelssince October 2017. The rebound came after data from the U.S. government showed increased demand for refined fuel and a steep drop in gasoline supplies. Oil for January delivery added $1.20, or 2.3%, to settle at $54.63 a barrel.
Gold futures were up as the dollar softened, climbing to a two-week high. December gold tacked on $6.80 or 0.6%, ending at $1,228 an ounce.