Dow Fights Back for Second Straight Win
U.S. stock markets managed to shrug off a sluggish start and close mostly higher, as traders continued to parse through the Trump administration's tax plan. The Dow Jones Industrial (DJIA) and S&P 500 Index (SPX) both pushed higher -- with the latter index notching a record close -- though the tech-heavy Nasdaq Composite (COMP) trailed its index peers for most of the day. Outside of Washington, D.C., Wall Street digested the best gross domestic product (GDP) reading in two years and the latest jobless claims numbers.
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The Dow Jones Industrial Average (DJIA - 22,381.20) was trading below breakeven in the early hours of the day, but battled back for a 40.5-point, or 0.2%, gain. Of the Dow's 30 components, 18 closed in positive territory, led by McDonald's 2.2% pop. The worst Dow component was Disney stock, which dipped 1.2%, while IBM finished flat.
The S&P 500 Index (SPX - 2,510.06) added 3 points, or 0.1%, for its best close ever. The Nasdaq Composite (COMP - 6,453.45) closed fractionally higher.
The CBOE Volatility Index (VIX -9.55) shed 0.3 point, or 3.2%.
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Despite the strong numbers during the second quarter, third-quarter GDP is expected to slow due to the recent rash of hurricanes. Hurricane Harvey has already taken a toll on a number of industries, such as retail and homebuilding, and Hurricane Irma is expected to compound these issues. (Reuters) Chief White House economic adviser Gary Cohn today said he couldn't guarantee no middle-class family would see an increase in their taxes. Cohn also wouldn't comment on how the tax plan would affect President Trump's personal situation. (CBS News)2 car stocks that could zoom higher. How Netflix options traders scored a 130% profit in under a month. The Dow stock bearish options traders need to target.
Data courtesy of Trade-Alert
Commodities
The price of oil cooled today, with November crude futures falling 58 cents, or 1.1%, to $51.56 per barrel.
Meanwhile, strength in the U.S. dollar kept gold in check. December-dated gold added 90 cents, or 0.1%, to end at $1,288.70 per ounce.