S&P, Nasdaq Notch 6th Straight Gain as Traders Applaud Auto Sales

September car sales were helped by post-hurricane demand

Oct 3, 2017 at 4:26 PM

The Dow Jones Industrial Average (DJIA) rocketed to record highs out of the gate and didn't look back, securing a fifth straight win. In addition, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) extended their winning streaks to six days -- touching all-time highs of their own -- as traders cheered solid September auto sales, which got a boost from post-hurricane demand.

Continue reading for more on today's market, including:

This market phenomenon could impact stocks in the fourth quarter.
The buzz that had Advanced Micro Devices calls poppin'.
The drug stock that more than tripled today.
Plus, the tech stock flashing "buy"; GM's latest high; and the biotech stock that rallied on FDA optimism.

The Dow Jones Industrial Average (DJIA - 22,641.67) touched a record intraday peak of 22,646.32, before ending with a gain of 84.1 points, or 0.4%. Verizon (VZ), Wal-Mart (WMT), and American Express (AXP) paced the 24 advancing blue chips, gaining 1% apiece, while Nike (NKE) led the laggards with an 0.8% drop.

The S&P 500 Index (SPX - 2,534.58) closed not far from its new all-time best of 2,535.13, gaining 5.5 points, or 0.2%. The Nasdaq Composite (IXIC - 6,531.71) tagged a record high of 6,532.17, and finished 15 points, or 0.2%, higher.

The CBOE Volatility Index (VIX - 9.51) snapped its five-session losing streak, ticking higher by 0.1 point, or 0.6%.

Closing Indexes Summary Oct 3
NYSE and Nasdaq Stats Oct 3

5 Items on Our Radar Today

Google parent Alphabet is preparing to launch a self-driving car service that could rival Uber and Lyft. The launch date, however, is delayed until Waymo can resolve software safety issues -- specifically, a glitch that prevents the self-driving vans from making left turns in the absence of a green left turn arrow. (CNBC)
Fiat Chrysler Automobiles recalled 710,000 sport utility vehicles over a braking installation concern for its 2011-14 Dodge Durango and Jeep Grand Cherokee models. In question are the cars' shields that were designed to prevent brake boosters from corroding. (Reuters)
Why Adobe stock's dip could be a buying opportunity.
The Tesla woes that fueled General Motors stock to another record high.
The biotech stock that rallied on FDA optimism.

Earnings Chart Oct 3
Unusual Options Activity Oct 3
Data courtesy of Trade-Alert

Commodities

Crude futures dropped again today, as speculators worry about oversupply. November-dated oil futures ended with a loss of 16 cents, or 0.3%, at $50.42 per barrel.

A rising dollar pressured gold once again, this time to as low as $1,267.76 – a seven-week low. December-dated gold ended down $1.20, or 0.1%, at $1,274.60 an ounce.

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