Dow Jones Industrial Average Extends Record-Setting Run on Stimulus Chatter, Jobs Report

Crude resumed its downtrend on OPEC's supply warning

Nov 6, 2014 at 4:21 PM
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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.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. 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)
  2. 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)
  3. KATE's solid third-quarter revenue results had the stock in rally-mode -- and option bulls cheering.
  4. Gogo Inc (NASDAQ:GOGO) option traders are growing increasingly bearish ahead of Monday's earnings report, but is this the wisest of decisions?
  5. 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.
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:

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.

 

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