Dow Logs Longest Win Streak in 6 Months; Trump Tackles Drug Prices
The blue-chip index grabbed a seventh straight positive finish
The Dow capped off a strong week by closing higher for a seventh consecutive session, securing its longest winning streak in six months. Healthcare stocks were in focus most of the day, as President Donald Trump outlined a plan he promised would "lower prices at the pharmacy counter." The S&P 500 also rose today, though a cooling tech sector kept the Nasdaq in the red. All three major U.S. benchmarks closed the week with strong gains, while the VIX fell for a fifth straight week -- its longest losing streak since August 2016.
Continue reading for more on today's market, including:
Short sellers are targeting this outperforming healthcare stock. The retail stock blindsided by a CEO split. Why this cybersecurity stock lost one-third of its value. Plus, a Chinese internet stock meeting resistance; a biotech that sold off; and an options strategy for a volatile market.The Dow Jones Industrial Average (DJI - 24,831.17) added 91.6 points, or 0.4%, with 19 of the 30 Dow components closing in the black. Leading the way was Verizon (VZ) with a 3% rise. Cisco Systems (CSCO), on the other hand, suffered the biggest loss, shedding 0.8%. The Dow picked up 2.3% this week.
The S&P 500 Index (SPX - 2,727.72) rose 4.7 points points, or 0.2%, while the Nasdaq Composite (IXIC - 7,402.88) dipped 2.1 points, or 0.03%. Both indexes closed the week higher, though, adding 2.4% and 2.7%, respectively.
The Cboe Volatility Index (VIX - 12.65) extended its losing streak to seven days -- the longest in nearly one year -- losing 0.6 point, or 4.4%, bringing its weekly decline to 14.4%.
5 Items on Our Radar Today
Revenue from legal marijuanain California has not been as strong as expected, according to the state's most recent budget plan. The budget called for sales from medical and recreational use to be around $185 million for 2017 to 2018. (USA Today)Boston Dynamics released two new videos of their autonomous robots, taking the internet by storm once again. Somewhat ironically, the White House just yesterday announced a new task force for artificial intelligence. (Fox News)The Chinese internet stock rallying into resistance. 2 reasons biotech Halozyme Therapeutics sold off. A perfect options strategy for a volatile market.
Data courtesy of Trade-Alert
Oil, Gold Both Get Weekly Wins
Oil prices pared some of their weekly gains, with June-dated crude futures closing down 66 cents, or 0.9%, at $70.70 per barrel. For the week, though, oil added 1.4%, marking a second straight weekly gain.
Gold prices also fell today. Gold for June delivery settled down $1.60, or 0.1%, at $1,320.70 per ounce. The precious metal picked up a 0.5% gain for the week, however.