Nasdaq Notches Record Close; Tech Lifts Dow Jones Industrial Average

Tech's Banner Day; Plus, 3 Drugmakers Making Noise

May 27, 2015 at 4:30 PM
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The Dow Jones Industrial Average (DJIA) jumped out of the gate, and held positive territory throughout the day. Traders' confidence was buoyed by rumors Greece is close to striking a deal to settle its debt issues, as well as a banner day for tech stocks -- as evidenced by the Nasdaq Composite's (COMP) surge. While today's economic calendar was practically bare, things pick up somewhat tomorrow, with jobless claims and crude inventories set for release.

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

 

The Dow Jones Industrial Average (DJIA - 18,162.99) was up nearly 150 points at session highs, closing with a 121.5-point, or 0.7%, gain. Microsoft Corporation (NASDAQ:MSFT) led the 25 advancers by adding on 2.2%. Nike Inc (NYSE:NKE) was the biggest loser, giving back 0.6%, while General Electric Company (NYSE:GE) finished flat.

 

The S&P 500 Index (SPX - 2,123.48) ​gained steadily throughout, closing 19.3 points, or 0.9%, higher. The Nasdaq Composite (COMP - 5,106.59) outdid them all, adding 73.8 points, or 1.5%, for its highest closing price ever. 

 

The CBOE Volatility Index (VIX - 13.27) backed down from its 80-day moving average, losing 0.8 point, or 5.6%, but held on to the 13 level. 

 

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5 Items on Our Radar Today:

 

  1. The U.S. Justice Department indicted 14 people, including top FIFA employees, on accusations of bribery and fraud from years of governing soccer tournaments across the globe. Several executives reportedly took kickbacks from marketers and hosting countries. (The Washington Post)
  2. Google Inc (NASDAQ:GOOGL), Yahoo! Inc. (NASDAQ:YHOO), and Twitter Inc (NYSE:TWTR) have reportedly all expressed interest in buying Flipboard Inc. The company's main product is an app that aggregates news, allowing users to create their own "digital magazine." (MarketWatch
  3. Frontier Communications Corp (NASDAQ:FTR) got a much-needed boost today. 
  4. What prompted six brokerage firms to cut their outlook on this cloud concern?
  5. The tobacco firm Cowen and Company called its top pick in the industry

 

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Commodities:

 

Crude oil finished lower for a second straight day as the greenback continued its ascent. July-dated crude gave back 52 cents, or 0.9%, to close at $57.51 per barrel -- its lowest finish of the month.  

Gold futures also took a tumble, extending their losing streak to four sessions. The safe-haven metal gave back $1.30, or 0.1%, to finish at $1,185.60 an ounce.

 

 

 

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