Another Win, Record Close for Dow; S&P, Nasdaq Hit New Highs
U.S. stocks continued to rise today, with the Dow Jones Industrial Average grabbing a fifth straight record close and its seventh consecutive win overall. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) both hit record highs as well, with the former ending another day atop the 2,500 level. Bank stocks led the charge ahead of the Federal Open Market Committee's (FOMC) September meeting, which begins tomorrow, though the Fed isn't expected to raise interest rates until December. The risk-on session cooled demand for "safe haven" assets, with gold falling to three-week lows, while the CBOE Volatility Index (VIX) briefly dipped into single-digit territory, but closed back atop the all-important 10 level.
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The Dow Jones Industrial Average (DJIA - 22,331.35) added another 63 points, or 0.3%, for a fifth straight record close, touching an all-time peak of 22,355.62 in the process. Half of the Dow's 30 components closed higher, with General Electric leading the way with a 2.2% win. Meanwhile, Intel shares closed flat, and Apple closed down 0.8% to pace the losers.
The S&P 500 Index (SPX - 2,503.87) also enjoyed a record-setting session, picking up 3.6 points, or 0.1%. The SPX hit a record high of 2,508.32 earlier. The Nasdaq Composite (COMP - 6,454.64) settled up 6.2 points, or 0.1%, after peaking at 6,477.77.
The CBOE Volatility Index (VIX - 10.15) fell below 10 for the first time since Aug. 8, but closed just 0.02 point, or 0.2%, lower.
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Data courtesy of Trade-Alert
Commodities
It was a ho-hum day for oil prices. October-dated crude futures added just 2 cents, or 0.04%, to end at $49.91 per barrel.
Gold fell once again, as investors again showed a taste for riskier assets. Gold dated for December dropped $14.40, or 1.1%, to $1,310.80 per ounce -- a three-week low.