Stocks Wrap Up Best Week in Years
The Dow was up over 230 points at its session high, as traders cheered Coca-Cola earnings and upbeat housing data. However, the major market indexes lost some steam in afternoon trading -- and the Nasdaq turned lower -- following the U.S. indictment of several Russian nationals and entities for interfering with the 2016 presidential election. Nevertheless, the Dow and S&P extended their winning streaks to six sessions, with the former wrapping up its best week since November 2016, and the latter notching its biggest weekly gain since January 2013. Even with today's loss, the Nasdaq secured its best week sinceDecember 2011.
Continue reading for more on today's market, including:
The rare stock signal flashing for the first time since 2001.Hedge fund: This restaurant stock is "undervalued." How options traders are speculating ahead of Home Depot earnings.Plus, the energy stock that could pop after earnings; 2 small-cap biotechs scoring analyst nods; and why steel stocks soared today.TheDow Jones Industrial Average (DJI - 25,219.38) pared most of its gains by the close, but still eked out a win of 19 points, or 0.1%, for its longest winning streak in three months. Pfizer (PFE) and Walmart (WMT) led the 19 advancing Dow stocks, gaining 1.5% apiece, while Caterpillar's (CAT) 2.3% loss paced the laggards. The Dow soared 4.3% this week.
The S&P 500 Index (SPX - 2,732.22) added 1 point, or 0.04%, for its longest daily win streak since early January. The Nasdaq Composite (IXIC - 7,239.47) gave up an early lead, dropping 17 points, or 0.2%. For the week, the SPX gained 4.3%, while the IXIC rallied 5.3%.
The CBOE Volatility Index (VIX - 19.46) eked out a gain of 0.3 point, or 1.7%. For the week, however, the stock market's "fear gauge" dropped 33% -- its biggest weekly loss since November 2016.
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The FBI determined that "protocols were not followed" after a tipster flagged a disturbing YouTube comment made by accused school shooter Nikolas Cruz. As such, Attorney General Jeff Sessions ordered an immediate review of Department of Justice and FBI processes. (Reuters)Former Procter & Gamble employee Anne Jessopp was appointed chief executive and Deputy Master of Britain's Royal Mint today. It marks the first time in over 1,000 years that a woman will head the Mint, and one of Jessopp's first tasks will be overseeing a coin commemorating the 100th anniversary of British women's right to vote. (CNN Money)Why Transocean (RIG) stock could pop after earnings.Analysts: Buy these small-cap drug stocks.Behind today's rally in steel stocks.
Data courtesy of Trade-Alert
Oil Prices Surge 4.2% for the Week
Oil prices ended higher, despite another rise in the number of active U.S. oil rigs. By the close, March-dated crude futures added 34 cents, or 0.6%, to end at $61.68 per barrel. For the week, black gold surged 4.2%.
April-dated gold futures added 90 cents to end at $1,356.20 an ounce, even as the dollar picked up steam in afternoon trading. Week-over-week, the contract gained 3.1%.