Stocks Manage to Close Higher Ahead of Tax Bill Release
After trading in a narrow range on both sides of breakeven, the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all managed to close higher, marking the Dow's seventh straight win. Traders ultimately shrugged offdisappointing earnings from Snap (SNAP) and extended weakness in bank stocks, caused by doubt surrounding the Republican tax plan following yesterday's local elections. The Senate GOP is expected to release its tax bill before the end of the week.
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The S&P 500 Index (SPX - 2,594.38) closed up 3.7 points, or 0.1%, while the Nasdaq Composite (IXIC - 6,789.12) ended with a gain of 21.3 points, or 0.3%. Both indexes finished at record closing highs.
The CBOE Volatility Index (VIX - 9.78) lost 0.1 point, or 1.1%.
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Data courtesy of Trade-Alert
Commodities
Crude prices settled lower again today, after weekly data showed a surprise increase in U.S. crude stockpiles and domestic production at the highest since at least 1983. December-dated oil futures ended down 39 cents, or 0.7%, at $56.81 per barrel.
Meanwhile, gold closed higher today, as the U.S. dollar retreated on possible delays in tax reforms. December-dated gold ended up $7.90, or 0.6%, at $1,283.70 an ounce.