The Nasdaq and SPX also touched new record highs
The Dow Jones Industrial Average (DJIA) started the day trading in negative territory, but swung higher on big gains for UnitedHealth and Goldman Sachs stocks. At its session peak, the Dow came within 25 points of notching a new milestone, and ultimately settled at a record closing high. Likewise, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) managed to put fresh record highs in the books.
Whetting Wall Street's appetite was a well-received round of economic data, including a blowout ADP payrolls report head of tomorrow's jobs data -- seemingly strengthening the case for a rate hike at the June Fed meeting -- as well as bouncing oil prices. And while the Dow managed to snap its three-session losing streak, the SPX and COMP closed higher for the first time this week.
Continue reading for more on today's market, including:
- What this never-before-seen VIX signal means for stocks.
- This bank stock could be a "buy."
- The blue-chip news that had this drug stock near the top of the Nasdaq.
- Plus, Express stock's post-earnings spiral; Ford Motor's big win; and a sector to steer clear of this June.
The Dow Jones Industrial Average (DJIA - 21,144.18) closed at its session high, up 135.5 points, or 0.7%. Twenty-six of the 30 Dow stocks settled in positive territory, led by UnitedHealth stock's 2.5% pop. Nike stock paced the four decliners with its 1% loss.
The S&P 500 Index (SPX - 2,430.06) also settled at its intraday peak, up 18.3 points, or 0.8%, gain. The Nasdaq Composite (COMP - 6,246.83) topped out at 6,247.07, and eventually closed 48.3 points, or 0.8%, higher.
The CBOE Volatility Index (VIX - 9.89) jumped at the open, but swung to a 0.5-point, or 5% loss.
5 Items on Our Radar Today:
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Former FBI Director James Comey will testify before the Senate Intelligence Committee on Thursday, June 8. It will be Comey's first public comments since President Trump unexpectedly fired him in early May, and will be followed by a closed session hearing with the committee. (CNBC)
- As expected, President Trump said the U.S. will withdraw from the Paris climate accord, but will begin "negotiations to reenter ... under terms that are fair to the United States." Trump claims the deal accord was "negotiated poorly by the Obama administration and signed out of desperation." (CNN)
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Express joined the ranks of retail stocks sinking after earnings, with the shares tumbling to a new record low.
- Ford Motor emerged as the top-selling automaker in May, sending F options traders rushing toward calls.
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The sector you should be wary of this June.
Data courtesy of Trade-Alert
Commodities
Oil prices were trading north of $49 in intraday action, after data showed a bigger-than-anticipated decline in domestic inventories. By the close, though, June-dated crude futures were up just 4 cents at $48.36 per barrel, as traders took profits off the table ahead of Trump's Paris accord announcement.
Gold dipped today, as the dollar gained ground on increased expectations for a June rate hike. August-dated gold fell $5.30 to end at $1,270.10 an ounce.