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Alibaba's 'Singles Day' was a huge success, but CEO Jack Ma isn't celebrating
The Dow Jones Industrial Average (DJI) ended an up-and-down session slightly above the flat line, but not without first hitting its fifth record high in as many sessions. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) charted similar paths, with the former touching its own all-time peak and finishing a hair north of breakeven, and the latter reaching a 14-plus-year acme and closing with a slight gain. Overall, however, the session was quiet, as the bond markets were closed in observance of Veterans Day. It's a different story tomorrow, when wholesale inventories data hits the Street, along with earnings reports from several notable retailers.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,614.90) hit an all-time high of 17,638.21, but finished just 1.2 points higher for another record close. The Dow's 30 components were nearly evenly split. One half ended in the green, paced by 1% gains at UnitedHealth Group Inc. (NYSE:UNH) and Merck & Co., Inc. (NYSE:MRK). Meanwhile, 14 blue chips gave up ground -- led by JPMorgan Chase & Co.'s (NYSE:JPM) 0.9% loss -- and Cisco Systems, Inc. (NASDAQ:CSCO) was flat.
The S&P 500 Index (SPX - 2,039.68) topped out at a record 2,041.28, and finished just below that mark, up 1.4 points, or 0.1% -- its loftiest close ever. The Nasdaq Composite (COMP - 4,660.56) reached a 14-year high of 4,661.22, and outstripped its peers on a percentage basis, gaining 8.9 points, or 0.2%.
The CBOE Volatility Index (VIX - 12.92) tacked on 0.3 points, or 2%, but ended below the 13 mark for the second straight day.
5 Items on Our Radar Today:
- Fresh off BABA's hugely successful "Singles Day," CEO Jack Ma explained that riches have not made him happy. "People say, 'Well Jack, rich people is [sic] good.' Yeah it is good, but not the richest man in China. It's a great pain because when you're (the) richest person in the world, everybody (is) surrounding you for money," Ma lamented. "Today when I walk on the street, people look at you in a different [sic] -- I want people to see this is entrepreneur, this is a guy who is having fun of himself [sic], and I want to be myself." (CNBC)
- Eric Rosengren, president of Boston's Federal Reserve Bank and a non-voting member of the Federal Open Market Committee (FOMC), believes the central bank should show patience as it considers raising interest rates from historically low levels. In addition, he said the decision should be based on economic outcomes -- specifically, inflation reaching the Fed's 2% target -- rather than tying it to a date. (FOX Business)
- Weekly call buyers placed bets on AAPL, expecting the shares to overcome overhead resistance by week's end.
- Why these 3 stocks notched double-digit percentage gains.
- Another day, another bullish brokerage note for this cloud concern.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude oil ended higher, despite ongoing concerns about a domestic supply glut. By the close, December-dated crude was up 54 cents, or 0.7%, at $77.94 per barrel.
After a slow start to the day, gold futures rebounded amid growing global demand for the precious metal. The December-dated contract added $3.20, or 0.3%, to settle at $1,163 per ounce.