Stock Indexes Break Out to Record Highs
The Dow Jones Industrial Average (DJIA) spent most of the session flirting with breakeven, with upside momentum capped by Apple shares. However, the Dow broke out in late-day trading, notching another record-high close and a fourth straight win. Likewise, the Nasdaq Composite (COMP) eked out a win for a second consecutive record close, while the S&P 500 Index (SPX) managed another all-time high of its own. The energy sector outperformed, after an upbeat note about crude demand from the International Energy Agency (IEA) acted as a boon for oil prices. Plus, tax reform entered the picture for the second straight day, and traders digested the latest producer price index ahead of tomorrow's inflation data.
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The Dow Jones Industrial Average (DJIA - 22,158.18) rose by 39.3 points,or 0.2%, for its best close ever. Twenty-one of 30 Dow stocks closed above breakeven, led by Chevron's 1.5% rise. Caterpillar was the biggest loser, falling 1.1%.
The S&P 500 Index (SPX - 2,498.37) closed up 1.9 point, or 0.1%, and earlier touched a record intraday high of 2,498.37. The Nasdaq Composite (COMP - 6,460.19) added 5.9 points, or 0.1%.
The CBOE Volatility Index (VIX - 10.50) lost 0.1 point, or 0.8%.
5 Items on Our Radar Today
Independent Vermont Senator Bernie Sanders today introduced a single-payer healthcare bill. The "Medicare for All" bill has already been backed by at least 15 Democratic senators. (ABC News)It's now been confirmed that Los Angeles will host the 2028 Olympics. The International Olympic Committee (IOC) announced the news today, while revealing the 2024 games will go to Paris. (CNN)Inside Target stock's big day. How Apple crushed this tech stock. An uninspiring Tesla bull note.
Data courtesy of Trade-Alert
Commodities
The price of gold fell for a third straight day, pressured by a strengthening dollar. December-dated gold gave back $4.70, or 0.4%, to end at $1,328 per ounce.