Stocks Brush Off Shutdown Scare to Settle at Record Highs
Despite a mixed start to the day, stocks managed to hit fresh record highs after the U.S. Senate passed a short-term funding bill, which will help end the nearly three-day government shutdown. The major indexes can also thank positive reactions to this week's first batch of earnings reports, as well as rally among chip stocks -- with names such as Intel Corporation (INTC) and Advanced Micro Devices (AMD) jumping. Biotechs also contributed to the risk-on trading, with cancer specialist Array Biopharma (ARRY) among the outperforming names.
Continue reading for more on today's market, including:
4 biotech stocks that moved on buyout buzz.Sanmina shorts took profits too early.iPhone concerns spark another Apple downgrade.Plus, analysts warm up to HOG; Xerox put options pop after Icahn; and M&A chatter that boosted one agriculture stock.
The Dow Jones Industrial Average (DJI - 26,214.60) added 142.9 points, or 0.6%, to settle at a record high -- and near its all-time intraday peak of 26,215.23. Verizon (VZ) led the 23 advancing blue chips with a 3% gain, while Nike (NKE) paced the losers with a 1.2% drop.
The S&P 500 Index (SPX - 2,832.97) picked up 22.7 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,408.03) added 71.7 points, or 1%. The indexes touched all-time highs of 2,833 and 7,408.03, respectively.
The CBOE Volatility Index (VIX - 11.03) fell 0.2 point, or 2.1%, for the day.
5 Items on Our Radar Today
Five workers went missing after a Patterson-UTI Energy (PTEN) rig exploded at an Oklahoma oil site this morning. No casualties could be confirmed, with Halliburton's (HAL) Boots & Coots and the Oklahoma Corporation Commission (OCC) called in after the explosion. (Reuters)According to home sale website Zillow, the housing market is expected to be more competitive than usual this spring. Not only are mortgage rates on the rise, but the number of existing homes is 10% lower than what was seen last year. What's more, interest rates are rising off the record lows they were perched at for most of 2017. (CNBC)Analysts are warming up to bouncing Harley Davidson stock.Xerox put options volume popped after Carl Icahn demanded a sale.The farming stock that flourised on takeover rumors.
Data courtesy of Trade-Alert
Oil Climbs Higher for Its Last February-Dated Settlement
Comments from Saudi Arabia's energy minister on extending global oil producers' output-cut agreement beyond the end of the year sentcrude higher today. February-datedfutures finished the day up 12 cents, or 0.2%, to settle at $63.49 per barrel.
Gold ended lower just as the U.S. Senate voted to pass the short-term spending bill. February-dated gold futures fell $1.20, or 0.1%, to settle at $1,331.90 per ounce.