U.S. Stocks Sail to Record Highs to Wrap Up Stellar Week
The Dow Jones Industrial Average (DJIA) wrapped up its best week of 2017, extending its win streak to six days and notching a record close for a fourth straight session. Not to be outdone, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) tagged record highs of their own, as a tech rally overshadowed lackluster economic data, and as traders seemed to take North Korea's latest missile strike with a proverbial grain of salt. Looking ahead, all eyes will be on the Fed next week, though Janet Yellen & Co aren't expected to raise interest rates until the December meeting.
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After notching an all-time intraday peak of 22,275.02, the Dow Jones Industrial Average (DJIA - 22,268.34) closed up 64.9 points, or 0.3%. Nineteen Dow stocks managed gains, the biggest of which came from Boeing, which added 1.5%. Pfizer paced the 11 blue-chip losers, dropping 1%. For the week, the DJIA tacked on 2.2%, marking its best week since December.
The S&P 500 Index (SPX - 2,500.23) ended at a record high north of 2,500, adding 4.6 points, or 0.2%. The Nasdaq Composite (COMP - 6,448.47) touched an all-time high of 6,464.27, before ending with a gain of 19.4 points, or 0.3%. For the week, the S&P gained 1.6% -- its best week since January -- and the Nasdaq advanced 1.4%.
The CBOE Volatility Index (VIX - 10.17) closed lower for a fifth straight day, giving back 0.3 point, or 2.6%. For the week, the market's "fear gauge" gave up 16.1%.
5 Items on Our Radar Today
London officials are treating an explosion inside a London Tube station as a terrorist attack. While there have been no casualties as of last check, 29 people have been reported injured, at least 22 whom have been taken to hospitals. (CNBC)Hurricane concerns weighed on consumer sentiment to start the month. The University of Michigan's consumer sentiment index fell to 95.3 in September, from 96.8 in August, though the drop wasn't as steep as predicted. (MarketWatch)The travel stock that continued to sink in the wake of Hurricane Irma.The cancer drug stock that nearly doubled today.3 airline stocks crushed by analysts.
Data courtesy of Trade-Alert
Commodities
Friday was an uneventful day for October-dated crude futures, which ended flat at $49.89 per barrel. However, oil prices finished the week up a respectable 5.1% -- black gold's best week since late July.
Gold took a hit today, as traders demonstrated an appetite for riskier assets. December-dated gold futures finished down 0.3%, or $4.10, settling at $1,325.20 per ounce -- its lowest since Aug. 31. For the week, gold ended 1.9% lower, snapping a three-week winning streak.