Nasdaq Nabs Record Close After House Tax Vote
The Dow Jones Industrial Average (DJIA) headed higher out of the gate on positive earnings reactions for Cisco Systems (CSCO) and Wal-Mart (WMT). The surge in consumer discretionary and tech stocks helped lift the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), too, while the bullish flames were only further stoked after the House passed its version of a business-friendly GOP tax plan. By the time the dust settled, the Dow and SPX had erased yesterday's big losses, while the IXIC was sitting at a record close.
Continue reading for more on today's market, including:
The stock for near-term oil bears.Don't miss the "buy" signal on this Brazilian bank stock.This FAANG stock has cheap options right now.Plus, one pharma stock gets destroyed; 2 chip stocks to watch next week; and the bullish dollar signal that just flashed.The Dow Jones Industrial Average (DJIA - 23,458.36) was up almost 221 points at its intraday peak, before settling with a 187.1-point, or 0.8%, gain. Twenty-three of the Dow's 30 components closed higher, paced by WMT's 10.9% surge. Travelers Companies (TRV) led the seven decliners with its 2.1% loss.
The S&P 500 Index (SPX - 2,585.64) came within 7 points of hitting a new record peak, closing up 21 points, or 0.8%. The Nasdaq Composite (IXIC - 6,793.29), meanwhile, did hit an all-time peak of 6,806.67 in intraday action, before settling 87.1 points, or 1.3%, higher.
The CBOE Volatility Index (VIX - 11.76) slumped 1.4 points, or 10.4%, paring its week-to-date advance to 4.2%.
5 Items on Our Radar Today
"Subscription box" clothing retailer Stitch Fix is reportedly going to price its initial public offering (IPO) in the $15 to $16 per share range later this evening, below the targeted $18 to $20 per share price. The stock will start trading tomorrow on the Nasdaq under the symbol SFIX. (CNBC)Shares of Barnes & Noble (BKS) soared more than 7% after the Wall Street Journal said Sandell Asset Management wanted to take the book retailer private in deal that would value the company at roughly $650 million, or $9 per share. It's been a tough year on the charts for BKS, which is down 36% so far in 2017. (Reuters)A negative analyst reaction to M&A news sent this pharma stock down 23%.Chip stocks Broadcom (AVGO) and Micron (MU) tend to outperform during Thanksgiving week. This rare currency signal has historically been bullish for the U.S. dollar.
Data courtesy of Trade-Alert
Commodities
Crude oil gave up intraday gains to record a third straight loss, as supply and demand concerns continued to weigh on the commodity ahead of the Organization of the Petroleum Exporting Countries (OPEC) Nov. 30 meeting. At the close, crude for December delivery was down 19 cents, or 0.3%, at $55.14 per barrel.
Gold prices edged up on Thursday, despite a rising dollar and expectations for a December rate hike. December-dated gold closed the session up 50 cents at $1,278.20 an ounce.