Dow Jones Industrial Average Back Above 17,000; FOMC On Tap

AT&T Inc. is facing a lawsuit from the Federal Trade Commission

Oct 28, 2014 at 4:20 PM
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The Dow Jones Industrial Average (DJI) popped out of the gate and continued to trend higher throughout the session, as investors cheered the latest consumer sentiment data and prepared for tomorrow's policy statement from the Federal Open Market Committee (FOMC). By the close, the DJI was sitting on another triple-digit advance -- following a one-session hiatus yesterday -- and perched above 17,000 for the first time in more than three weeks. The S&P 500 Index (SPX) also turned higher, led by energy and industrial names. Meanwhile, the Nasdaq Composite (COMP) paced its peers on a percentage basis, finishing with a 1.8% lead.

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

The Dow Jones Industrial Average (DJI - 17,005.75) headed higher at the opening bell and kept climbing. By the close, the blue-chip index was 187.8 points, or 1.1%, higher -- finishing atop the 17,000 level for the first time since Oct. 3. All but three of the DJI's 30 components ended north of breakeven, paced by Caterpillar Inc.'s (NYSE:CAT) 2.7% gain. Meanwhile, Merck & Co., Inc. (NYSE:MRK) gave back 1.1% to pace the trio of blue-chip decliners.

The S&P 500 Index (SPX - 1,985.05) and Nasdaq Composite (COMP - 4,564.29) both posted healthy gains, and crept into positive month-to-date territory. The SPX added 23.4 points, or 1.2%, while the COMP tacked on 78.4 points, or 1.8%.

The CBOE Volatility Index (VIX - 14.39) plunged 1.7 points, or 10.3%, for its first close below 15 since Oct. 3.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. The Federal Trade Commission (FTC) has filed suit against AT&T Inc. (NYSE:T) for allegedly deceptive and unfair advertising practices revolving around "data throttling" -- that is, agreeing to provide unlimited data, but slowing down network speeds after a usage threshold is crossed. "AT&T promised its customers 'unlimited' data, and in many instances, it has failed to deliver on that promise," said FTC Chair Edith Ramirez. "The issue here is simple: 'unlimited' means unlimited." (CNBC)
  2. International Business Machines Corp. (NYSE:IBM) upped its stock repurchasing program by $5 billion to a whopping $6.4 billion, hoping to persuade investors not to jump ship as the company shifts the focus of its business. A further expansion of the buyback plan could come down the pike, too, as IBM said it will ask for additional funds at its April 2015 board meeting. (Bloomberg)
  3. A closer look at TWTR's disastrous day.
  4. This biopharmaceutical firm hit its second record high in as many days, following an earnings beat and raised guidance.
  5. Find out why Cliffs Natural Resources Inc (NYSE:CLF) was temporarily halted during today's trading.
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS – NOTABLE CALL ACTIVITY

STOCKS – NOTABLE PUT ACTIVITY

Commodities:

Ahead of tomorrow's weekly inventories update, a weaker dollar helped December crude to a modest win today. By the close, liquid gold had added 42 cents, or 0.5%, to settle at $81.42 per barrel.

Gold edged slightly higher in the lead-up to tomorrow's highly anticipated FOMC policy decision, when the central bank is expected to announce the end of its monthly bond-buying program. By the close, the December-dated contract was up a dime to settle at $1,229.40 per ounce.

 

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