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Crude resumed its downtrend on OPEC's supply warning
Both the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) extended their quests for record highs today, as stimulus chatter from across the pond and strong jobs data sparked a fresh wave of buying power. For a second consecutive session, both market indexes closed at their highest perches to date. Elsewhere, the Nasdaq Composite (COMP) managed to erase Wednesday's modest loss, thanks to well-received earnings reports from Tesla Motors Inc (NASDAQ:TSLA) and Sierra Wireless, Inc. (USA) (NASDAQ:SWIR).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,554.47) tagged a fresh intraday peak of 17,560.31 in afternoon trading, before settling the session up 69.9 points, or 0.4%, at another all-time closing high. Of the DJI's 30 components, 22 gained ground, led by General Electric Company's (NYSE:GE) 2.1% advance. American Express Company (NYSE:AXP) paced the seven decliners with its 0.9% drop, while Pfizer Inc. (NYSE:PFE) was unchanged.
The S&P 500 Index (SPX - 2,031.21) topped out at a new peak of 2,031.61 in intraday trading, before closing up 7.6 points, or 0.4%, at its second consecutive record closing high. The Nasdaq Composite (COMP - 4,638.47) rose in step with its peers, adding 17.8 points, or 0.4%.
The CBOE Volatility Index (VIX - 13.67) landed 0.5 point, or 3.5%, lower for its first close south of the 14 mark since Sept. 24.
5 Items on Our Radar Today:
- In the wake of yesterday's upbeat private payrolls report -- and ahead of tomorrow's highly anticipated October employment update -- weekly jobless claims fell by a better-than-expected 10,000 to 278,000 last week, according to the Labor Department. Additionally, the four-week moving average of claims dropped to its lowest level in more than 14 years. (CNBC)
- The Organization of Petroleum Exporting Countries (OPEC) warned that demand for crude oil could plunge to 28.2 million barrels per day by 2017 -- a 14-year low. What's more, the supplier of two-fifths of the world's oil reduced its annual forecast for every year through 2035. The exception, however, is 2015, when demand is expected to be higher than initially believed. (Bloomberg)
- KATE's solid third-quarter revenue results had the stock in rally-mode -- and option bulls cheering.
- Gogo Inc (NASDAQ:GOGO) option traders are growing increasingly bearish ahead of Monday's earnings report, but is this the wisest of decisions?
- To the delight of option players, QUALCOMM, Inc.'s (NASDAQ:QCOM) poorly received earnings report and subsequent round of bearish brokerage notes sent the shares sharply lower.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude oil resumed its downtrend today, as a strengthening dollar and OPEC's supply warning weighed on black gold. At session's end, crude for December delivery had shed 77 cents, or 1%, to settle at $77.91 per barrel.
Gold declined for a seventh consecutive session, thanks to upbeat jobs data and stimulus speculation from the European Central Bank (ECB). By the close, December-dated gold was down $3.10, or 0.3%, at $1,142.60 per ounce -- a fresh four-and-a-half year low.