The DJIA ended the day little changed, but found healthy gains for the week
After starting the session on modest gains, the Dow Jones Industrial Average (DJIA) fell back below Thursday's close as traders digested the latest round of economic data and blue-chip earnings. Weighing on stocks was a lower-than-expected reading for fourth-quarter gross domestic product (GDP) growth. Slumping oil prices also put pressure on the market, as the weekly Baker-Hughes rig count showed U.S. production climbing for the second straight week. Still, the major indexes didn't stray far from yesterday's record highs, and tacked on healthy gains for the week.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 20,093.78) dropped 7.1 points, or 0.04% for the day, with oil stock Chevron Corporation (NYSE:CVX) leading the 14 laggards with its 2.4% slip. Tech giant Microsoft Corporation (NASDAQ:MSFT) paced the 16 gainers, adding 2.3%. For the week, the large-cap index climbed 1.3% to log its highest weekly finish on record.
The S&P 500 Index (SPX - 2,294.69) slid 2 points, or nearly 0.1%, paring its weekly gain to 1%. The Nasdaq Composite (COMP - 5,660.78) broke from the pack, adding 5.6 points, or 0.1%, for the day. The tech-heavy index rose 1.9% for the week.
The CBOE Volatility Index (VIX - 10.58) dropped less than 0.1 point, or 0.5%, for the session after tapping a fresh 30-month low of 10.30 around midday. For the week, the fear index shed 8.3%.
5 Items on Our Radar Today
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After concerns arose for many after President Donald Trump asserted in an interview Thursday his belief that torture, such as waterboarding, "absolutely" works, many minds may be more at ease today, as the new president has stated he will
defer to the judgment of Defense Secretary James Mattis. During his confirmation hearing with the Senate, Mattis said that he is opposed to such tactics. (
CNBC)
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Scientists at Harvard University have reportedly managed to use a diamond vise to
squeeze hydrogen into a metal -- or at least to a point at which it had metallic qualities, such as being reflective. The study could confirm a 1935 prediction that such would be possible if enough pressure could be applied to hydrogen, and the resulting metal could be used as a superconductor -- a type of metal used in MRI machines and particle accelerators. (
CNBC)
- The activist investor comments weighing on Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
- Why mobile ordering may have cost Starbucks Corporation (NASDAQ:SBUX) an upbeat earnings report.
- Dow 20,000 was the headline story, but there was plenty more going on in the market this week.
Data courtesy of Trade-Alert
Commodities
Crude oil finished lower on a second straight weekly rise in U.S. oil rig operations, per the Baker-Hughes rig count. March-dated crude futures shed 61 cents, or 1.1%, to close at $53.17 per barrel, bringing the weekly loss to just 5 cents -- roughly 0.1% -- for the contract.
Gold continued its pullback today, as the U.S. dollar ticked higher. Gold for February delivery dropped $1.40, or 0.1%, to $1,188.40 an ounce. For the week, the contract gave back 1.4%, breaking a four-week win streak.
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