Dow Skyrockets 322 Points to Close North of 26,000
Stocks made up for yesterday's losses during today's trading, with the Dow touching a fresh record high to mark its first close above 26,000.The blue-chip index skyrocketed more than 300 points by the closing bell, marking its best session since late November. A big day for Boeing (BA) stock helped the Dow higher, overshadowing a negative earnings reaction for Goldman Sachs (GS). A rally in tech stocks powered the S&P and Nasdaq higher, as well, though they fell just short of all-time peaks.
Continue reading for more on today's market, including:
The stock alarm sounding for the first time since 2013.Today's rare Apple downgrade.Options buyers are optimistic ahead of Morgan Stanley earnings.Plus, call buyers bet on PZZA; the huge biotech buyout buzz; and "disappointing" drug data.
The Dow Jones Industrial Average (DJI - 26,115.65) picked up 322.8 points, or 1.3%, after peaking at 26,130.45 during intraday trading. BA led the 26 advancing blue chips with a 4.7% gain, while General Electric (GE) paced the losers with a 4.7% drop.
The S&P 500 Index (SPX - 2,802.56) added 26.1 points, or 0.9%, while the Nasdaq Composite (IXIC - 7,298.28) gained 74.6 points, or 1%.
The CBOE Volatility Index (VIX - 11.91) managed to pick up 0.3 point, or 2.1%, for the day.
5 Items on Our Radar Today
President Trump is contemplating a "very big ... potential fine" for China, stemming from the country's alleged intellectual property theft. "We're talking about big damages," Trump said in an interview. (CNBC)Britain's lower house of parliament approved a bill to cut ties with the European Union (EU), moving the EU Withdrawal Bill to the House of Lords. This small step is the beginning of many hard moves for the push towards a seamless Brexit. (Reuters) Call buyers bet on beaten-down Papa John's (PZZA) stock. Today's major biotech buyout rumors. Analyst: This experimental drug data is "disappointing."
Data courtesy of Trade-Alert
Gold Secures Fifth Daily Gain, Another Four-Month High
Ahead of the Organization of Petroleum Exporting Countries' (OPEC) monthly report, and amid expectations for another weekly drop in U.S. crude supplies, February-dated crude moved higher for the day. Oil futures finished today up 24 cents, or 0.4%, to settle at $63.97 per barrel.
Gold had a stellar day, thanks to a weaker dollar, but pared its gains in after-hours trading following the Fed Beige Book. February-dated gold futures reached a fifth straight gain and another four-month high, settling up $2.10, or 0.2%, at $1,339.20 per ounce.