Stocks End Higher Despite Looming Government Shutdown
Stocks finished a seesaw session higher, with the S&P and Nasdaq picking up record highs, with help from a rally in the chip sector. Traders ultimately brushed off fears of a possible government shutdown this weekend, as the Senate showed no signs of passing a budget agreement. Even the Dow ended the day in the black, shrugging off earnings disappointments from IBM Corp (IBM) and American Express (AXP), as well as General Electric (GE) stock's worst week since March 2009.
Continue reading for more on today's market, including:
Wall Street's 'fear gauge' is flashing a rare signal.Call buyers are rushing this FAANG stock ahead of earnings.How to trade Facebook stock's 'buy' signal.Plus, big hopes for Square; the blockchain stock to buy; and the pharma stock that's a steal.
The Dow Jones Industrial Average (DJI - 26,071.72) grabbed 53.9 points, or 0.2% for the day. Nike (NKE) led the 17 advancing blue chips with a 4.8% gain, while IBM paced the losers with a 4% drop. Theindex picked up 1% for the week.
The S&P 500 Index (SPX - 2,810.30) picked up 12.3 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,336.38) added 40.3 points, or 0.6%. The indexes touched all-time highs of 2,810.33 and 7,336.38, respectively, while finishing the week up 0.9% and 1%.
The CBOE Volatility Index (VIX - 11.27) fell 1 point, or 7.8%, for the day, but gained 11% for the week.
5 Items on Our Radar Today
The highest court in the land will weigh in on President Trump's travel ban. The U.S. Supreme Court will hear arguments in April, and is expected to issue a ruling on the legality of the ban -- which opponents say violates federal immigration law and discriminates based on religion -- in June. (Reuters)A TV crew of nine were arrested Thursday after attempting to sneak a fake bomb through security at Newark Liberty International Airport. The crew was reportedly trying to film the attempt, while sneaking the fake IED in a carry-on bag -- which was quickly detected and detained by TSA officers. (The Washington Post)Analyst: Square stock could rally another 59%.Time to buy this blockchain stock.This drug stock is a steal at current levels, if past is prologue.
Data courtesy of Trade-Alert
Oil Succumbs to Output Worries, Snaps Weekly Win Streak
The International Energy Agency (IEA) predicted "explosive growth" in U.S. oil production in 2018, sending oil prices lower. February crude futures fell 58 cents, or 0.9%, to settle at $63.37 per barrel for the day, while dropping 1.5% for the week. it was black gold's first week-over-week drop in five weeks.
Concerns about a government shutdown helped gold rebound from yesterday's losses, sending the precious metal bouncing from its biggest single-session decline in over a month. February-dated gold ended the day up $5.90, or 0.4%, at $1,333.10 per ounce, but finished the week down 0.1%.