Another High for the Dow Jones Industrial Average; Gold, Crude Head South

RadioShack Corporation (NYSE:RSH) is in trouble with another lender

by Alex Eppstein

Published on Dec 2, 2014 at 4:17 PM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (DJI) got a lift from strong auto sales and construction spending, topping out at an intraday record of 17,897.05 before settling at an all-time closing high. Similarly, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) rallied, tacking on 0.6% apiece. Conversely, crude and gold resumed their longer-term downtrends, failing to build off of yesterday's positive momentum.

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

The Dow Jones Industrial Average (DJI - 17,879.55) spent the entire day in the green, hitting a record intraday high of 17,897.05, and notching its loftiest finish ever, up 102.8 points, or 0.6%. Twenty-one of the Dow's 30 components closed north of the flatline, paced by a 2.1% gain at Chevron Corporation (NYSE:CVX). By contrast, AT&T Inc. (NYSE:T) led the nine blue-chip decliners, retreating 2.2%.

The S&P 500 Index (SPX - 2,066.55) added 13.1 points, or 0.6%, while the Nasdaq Composite (COMP - 4,755.81) tacked on 28.5 points, or 0.6%.

The CBOE Volatility Index (VIX - 12.85) swooned as equities rallied. By the close, the market's "fear gauge" had lost 1.4 points, or 10.1%.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. U.S. auto sales maintained their torrid pace last month, achieving their fastest clip since 2003 and topping the Street's consensus estimate. In fact, each of the top six car manufacturers sold more vehicles than analysts had projected, helped by discounts and lower fuel prices. (Reuters)
  2. Shares of RSH were halted in early morning trading, after the company announced a dispute with Salus Capital Partners. The financial firm claims the electronics retailer breached the terms of a $250 million loan agreement. However, RSH CEO Joe Magnacca sharply denied the allegations, saying Salus and other lenders "appear to be trying to manufacture a problem during the critical holiday shopping season in an effort to get out of a loan." (Bloomberg Businessweek)
  3. A closer look at two software firms that got hit with bearish brokerage notes this morning.
  4. This credit card giant attracted a gaggle of call buyers, on the heels of a shareholder-friendly announcement.
  5. This cloud "trailblazer" received a bullish initiation at J.P. Morgan Securities, reflecting Wall Street's generally rosy take on the shares.
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 resumed it downtrend, as production -- driven by U.S. shale -- continues to outpace demand. At day's end, liquid gold for January delivery was off $2.12, or 3.1%, to settle at $66.88 per barrel.

February-dated gold pulled back from Monday's one-month high, after the dollar hit a new multi-year peak. By the close, the malleable metal was down $18.70, or 1.5%, at $1,199.40 per ounce.


A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Latest Investor's Guide to Precious Metals
Learn how to protect savings and maximize returns by investing in precious metals.
Wall Street Reclaims Two Key Trendlines This Week
U.S.-China tensions and dire economic data still weigh, though
Dell Stock Jumps on Upbeat First Quarter
DELL announced an upbeat first-quarter report
The Latest Investor's Guide to Precious Metals
Learn how to protect savings and maximize returns by investing in precious metals.