Stocks Push Higher as Dow Adds 400 Points
It was a bullish day for the stock market, as equities rallied in the face of a stabilizing 10-year Treasury yield. The Dow jumped nearly 400 points, led by another tech-sector surge. It was smooth sailing for the S&P 500 Index and Nasdaq, too, with the latter moving into positive month-to-date territory. While the economic schedule was rather light today -- aside from a fresh round of housing data, and a dovish speech from St. Louis Fed President James Bullard -- action picks up in a big way moving forward, with many investors already eyeing this week's congressional testimony by new Fed Chair Jerome Powell.
Continue reading for more on today's market, including:
Founder and CEO Bernie Schaeffer explains why the bond yield rally bodes well for stocks. It could be time to buy put options on these tech stocks. 2 pharma stocks that soared on regulatory wins. Plus, options traders jumped on steel stocks; a laser stock that got burned; and 25 stocks that could rally.TheDow Jones Industrial Average (DJI - 25,709.27) added 399.28 points, or 1.6%, with no speed bumps in sight. In fact, Coca-Cola (KO) was the only blue chip to close in the red, shedding just 0.02%. The biggest gainer was Cisco Systems (CSCO), closing up 3.1%.
The S&P 500 Index (SPX - 2,779.60) rose 32.3 points, or 1.2%, and the Nasdaq Composite (IXIC - 7,421.46) added 84.1 points, or 1.2%.
The Cboe Volatility Index (VIX -15.80) dipped 0.7 point, or 4.2%.
5 Items on Our Radar Today
The U.S. Supreme Court decided today it would not hear the Trump administration's appeal of a lower court ruling that it cannot end protections for immigrants known as "Dreamers." President Donald Trump had said the program would start to be phased out in March. (Reuters)In other courtroom news, a judge has ruled "pharma bro" Martin Shkreli is responsible for over $10 million in financial losses, setting the stage for a potential multi-year prison sentence. Mr. Shkreli had argued he had caused no losses for investors. (Reuters)Options traders responded to steel tariff buzz. Why this laser stock got crushed. 25 stocks that could rally.
Data courtesy of Trade-Alert
Oil and Gold Trade Higher
April-dated crude futures rose 36 cents, or 0.6%, to end at $63.91 per barrel, marking oil's highest close in roughly three weeks.
Gold prices also ticked higher today. Gold set for April delivery was up $2.50, or 0.2%, at the close to land at $1,332.80 an ounce.