The Dow Jones Industrial Average (DJIA) was up more than 200 points at its session high, as a positive earnings reaction for American Express helped overshadow post-earnings losses for Dow components Verizon and Travelers. Stocks also reacted to rumors a new vote to repeal Obamacare could be on the horizon, comments from Treasury Secretary Steven Mnuchin that the Trump administration could unveil a "major tax reform" plan "very soon," and calls from Fed Governor Jerome Powell for a rollback in bank regulations. Against this risk-on backdrop, the Dow swung back into the black for the week, while the Nasdaq Composite (COMP) closed at a record high.
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After two consecutive days of triple-digit losses, the Dow Jones Industrial Average (DJIA - 20,578.71) jumped 174.2 points, or 0.9%. American Express stock easily paced the 25 Dow advancers with its 5.9% gain. Travelers stock led the five decliners with its 1.3% drop.
The S&P 500 Index (SPX - 2,355.84) closed above 2,350 for the first time since April 11, adding 17.7 points, or 0.8%. The Nasdaq Composite (COMP - 5,916.78) tacked on 53.7 points, or 0.9%, to close at its highest perch to date.
The CBOE Volatility Index (VIX - 14.15) gave back 0.8 point, or 5.2%, to close south of its 10-day moving average for the first time since April 4.
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Data courtesy of Trade-Alert
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