Dow Hits New High Despite Tepid Trading
Trading volumes started to thin out during the holiday-shortened week
Stocks spent most of the day trading in positive territory, with the Dow, S&P 500, and Nasdaq all hitting record highs, though they closed with only modest gains. Retail earnings were again in focus, with mostly favorable reactions, while investors also weighed a batch of lukewarm economic data. Overall, however, it was a somewhat low-volume session on Wall Street, with many traders possibly already stepping away from their desks ahead of Thursday's Thanksgiving Day holiday.
Continue reading for more on today's market, including:.
How call traders rode the huge rally in Global Blood Therapeutics.The options market responded quickly to one retailer's weak outlook.Plus, bulls stay on Disney; beverage stock set up for bulls; and 3 stocks with heavy options trading.
The Dow Jones Industrial Average (DJI - 28,121.68) rose 55.2 points, or 0.2%, with 17 of 30 components closing higher. Merck (MRK) had the best day, adding 1.9%, and Walgreens Boots Alliance (WBA) was the worst off with its 1.7% decline.
The S&P 500 Index (SPX - 3,140.52) rose 6.9 points, or 0.2%, and the Nasdaq Composite (IXIC - 8,647.93) added 15.5 points, or 0.2%.
The Cboe Volatility Index (VIX - 11.54) dipped 0.3 point, or 2.8%.
5 Items on Our Radar Today
The Food and Drug Administration's (FDA) CBD warning last night sent waves throughout the weed sector today. The FDA on Monday said there are "serious concerns about potential harm from CBD." (MarketWatch)Mexico's economy has entered what one economist deemed a "technical recession." It's rare to see the Mexican economy retract while the U.S. keeps growing, and this comes as Congress still has yet to approve the U.S.-Mexico-Canada (USMCA) trade agreement -- a replacement for NAFTA. (CNBC)Bulls keep targeting Disney. A beverage stock for call buyers to bet on. 3 stocks that saw heavy options trading.
Oil and Gold Prices Gain
Oil prices rose today thanks to trade-deal hopes. January crude futures finished up 40 cents, or 0.6%, at $58.41 per barrel.
Gold prices also grabbed a win today. December gold futures added $3.40, or 0.2%, at $1,460.30 an ounce.