Dow, S&P, Nasdaq Tag Record Highs After Tillerson
TheDow Jones Industrial Average (DJIA) extended its winning streak to six sessions, notching another record high. In addition, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) battled back from a morning dip, touching all-time peaks and bringing their winning streaks to seven -- the SPX's longest since May. Stock traders breathed a collective sigh of relief after Secretary of State Rex Tillerson denied that he considered resigning his post, and equities remained modestly higher as Fed Chair Janet Yellen offered few clues to the timing of the next rate hike. In addition, traders digested strong services sector data, as well as a smaller-than-expected uptick in the ADP's private-sector employment report -- often seen as a preview of the Labor Department's jobs data, due out Friday.
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The Dow Jones Industrial Average (DJIA - 22,661.64) touched a record intraday peak of 22,685.94, before ending with a gain of 20 points, or 0.1%. Sixteen of the Dow's 30 stocks ended in the black, led by Nike's (NKE) 1.2% gain. General Electric (GE) stock dropped 1.3%, pacing the blue-chip laggards.
The S&P 500 Index (SPX - 2,537.74) peaked at a record 2,540.53, before ending with a gain of 3.2 points, or 0.1%. The Nasdaq Composite (IXIC - 6,534.63) tagged a record high of 6,546.46, but whittled its lead to 2.9 points, or 0.04%, by the close.
The CBOE Volatility Index (VIX - 9.63) remained below the 10 level, but tacked on 0.1 point, or 1.3%.
5 Items on Our Radar Today
Alphabet's Google unit launched the newest version of its Pixel smartphone, as well as the $999 Pixelbook laptop, the $49 Google Home Mini speaker, and other software and gadgets. The Pixel 2 will compete with Apple's latest iPhone X. (Reuters)A Senate panel approved the first significant federal legislation regarding self-driving cars. If passed by Congress, the bill would allow carmakers like General Motors and Tesla to bypass certain safety rules that require cars to have human controls. (CNBC) 2 reasons Barclays expects record highs for NVIDIA stock. Behind Tesla stock's unusual call volume. One more reason to consider this FAANG stock.
Data courtesy of Trade-Alert
Commodities
Crude futures fell for a third straight session to their lowest close in more than two weeks, despite a bigger-than-expected drop in weekly oil inventories. Instead, traders panned a surprising surge in U.S. crude exports last week, to a record 1.98 million barrels per day, according to the Energy Information Administration (EIA). November-dated oil futures ended with a loss of 44 cents, or 0.9%, at $49.98 per barrel.
A dropping dollar lifted gold today, as did speculation that Fed Governor Jerome Powell could succeed current Fed Chair Janet Yellen. However, upbeat data out of the services sector kept gold's gains in check. December-dated gold ended up $4, or 0.3% higher, at $1,278.60 an ounce.