Dow Kicks Off 4Q With a Triple-Digit Rally
After wrapping up its longest quarterly win streak in two decades, the Dow Jones Industrial Average (DJIA) kicked off the fourth quarter with a bang, rallying triple digits to assail record heights. Not to be outdone, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also roared to all-time peaks, as stock traders applauded encouraging economic data. Outside of Wall Street, however, investors turned a sad eye to Las Vegas, following the deadliest mass shooting in U.S. history.
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The Dow Jones Industrial Average (DJIA - 22,557.60) touched a record high of 22,559.38, before closing with a gain of 152.5 points, or 0.7%. It was the Dow's best session since Sept. 11. Intel (INTC) stock led the 25 advancing blue chips, adding 2.5%, while Coca-Cola (KO) led the five laggards with a 0.5% drop.
The S&P 500 Index (SPX - 2,529.12) closed not far from its new all-time best of 2,529.23, gaining 9.8 points, or 0.4%. The Nasdaq Composite (IXIC - 6,516.72) tagged a record high of 6,527.21, but whittled its lead to 20.8 points, or 0.3%.
The CBOE Volatility Index (VIX - 9.45) ended lower for a fifth straight session, dropping 0.06 point, or 0.6%, for its lowest close since late July.
5 Items on Our Radar Today
Facebook will go on a hiring spree in an effort to prevent countries like Russia from using the site to interfere with political elections. The social media titan will hire 1,000 workers to ensure ads meet the company's terms, after Facebook said Russia bought roughly 3,000 political ads leading up to the American presidential election. (Reuters)Germany's Sonnen started delivering energy-storage systems to Puerto Rico last week, and the company plans to install microgrids to supply electricity for more than a dozen emergency relief centers in the hurricane-ravaged nation. (Bloomberg)2 surging gun stocks stalling near key technical levels.The self-driving car buzz behind General Motors stock's record high.Analysts expect all-time highs for this semiconductor stock.
Data courtesy of Trade-Alert
Commodities
Crude futures dropped today, after a Reuters survey indicated that output from the Organization of the Petroleum Exporting Countries (OPEC) rose last month. November-dated oil futures ended with a loss of $1.09, or 2.1%, at $50.58 per barrel.
A stronger dollar and an appetite for risk pressured gold today. December-dated gold ended down $9, or 0.7%, at $1,275.80 an ounce -- the lowest close in nearly two months.