Dow Jones Industrial Average, S&P 500 Rally to New Highs; 'Singles Day' Kicks Off Abroad

Cable, solar stocks head in different directions

by Alex Eppstein

Published on Nov 10, 2014 at 4:25 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) both touched record intraday highs, and also closed at their loftiest levels ever -- up 0.2% and 0.3%, respectively. In fact, this represents the fourth consecutive session in which both indexes reached new all-time milestones -- and, this time, without the help of market-moving catalysts. Looking ahead, tomorrow's economic calendar is bare as well, as the U.S. bond market is closed for Veteran's Day; however, the stock and options markets will be open.

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

  • Alibaba Group Holding Ltd (NYSE:BABA) hit another record high, and saw a mix of call buying and selling as "Singles Day" kicked off overseas.
  • This cable provider and several of its competitors saw their stocks get pummeled on comments from President Barack Obama.
  • Call buyers flocked to Gilead Sciences, Inc. (NASDAQ:GILD), as the shares rallied amid a rival's failure to compete in the hepatitis C market.
  • Plus ... Disappointing "Obamacare" numbers, a secondary offering at GoPro Inc (NASDAQ:GPRO), and quarterly results boost one 3-D printing name.

The Dow Jones Industrial Average (DJI - 17,613.74) touched an all-time high of 17,621.87, before settling with its loftiest close on record, up 39.8 points, or 0.2%. Twenty-one of the Dow's 30 components ended north of breakeven, led by Nike Inc (NYSE:NKE), which added 1.3%. On the flip side, Intel Corporation (NASDAQ:INTC) paced the nine blue-chip losers, shedding 1%.

The S&P 500 Index (SPX - 2,038.26) hit its own record peak of 2,038.70, and finished just below that level -- 6.3 points, or 0.3%, higher -- for a record closing peak. While the Nasdaq Composite (COMP - 4,651.62) failed to hit a similar technical milestone, it still added 19.1 points, or 0.4%.

The CBOE Volatility Index (VIX - 12.67) sank another 0.5 point, or 3.4%, for its first close below 13 since Sept. 19.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. It appears the Affordable Care Act -- better known as Obamacare -- will not meet its goal of 13 million enrollees for 2015. Instead, the Congressional Budget Office (CBO) downwardly revised its projection to between 9 and 9.9 million. The CBO now does not expect to reach its enrollment benchmark of 25 million until 2018 at the earliest -- a year later than originally anticipated. (CNNMoney)
  2. GPRO is looking to raise $800 million via a secondary public offering, which will include some of CEO Nick Woodman's shares. The decision was made to help temper a potential near-term rise in volatility, as GPRO's share lockup period expires on Monday, Dec. 22. According to Woodman, the proceeds of the offering will be used to invest in "people, products, potential acquisitions and infrastructure." (Bloomberg Businessweek)
  3. This 3-D printing issue was among the market's notable gainers, thanks to stronger-than-expected third-quarter earnings.
  4. Call traders were divided on this solar stock, despite a sector-wide rally.
  5. As Target Corporation (NYSE:TGT) gears up for Black Friday, the retailer's shares popped on a bullish brokerage note and expectations of "reverse cannibalization."
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 failed to extend Friday's bounce, as a stronger greenback overshadowed conflicts in Libya and Ukraine. By session's end, December-dated futures were down $1.25, or 1.6%, at $77.40 per barrel.

Gold headed lower as the U.S. dollar gained ground and global markets continued to rise. By the close, the December-dated contract was $10, or 0.9%, lower, at $1,159.80 per ounce.


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