Greece, Earnings Boost Dow Jones Industrial Average; Nasdaq Hits Closing High

How to Trade a Head & Shoulders

by Alex Eppstein

Published on Jul 16, 2015 at 4:26 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) finished solidly higher following Greece's crucial parliamentary vote. Further fueling the risk-on approach were the latest round of blue-chip earnings and a mostly encouraging round of economic data -- including a steeper-than-forecast drop in unemployment claims. Meanwhile, Fed Chair Janet Yellen wrapped up her two-day testimony on Capitol Hill, crude and gold struggled again, and the Nasdaq Composite (COMP) notched an all-time closing high -- with a little help from this sector.

 

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

 

The Dow Jones Industrial Average (DJIA - 18,120.25) traded in a less than 70-point range after gapping up at the open, and closed on a win of 70.1 points, or 0.4%. Of the 26 blue-chip gainers, Microsoft Corporation (NASDAQ:MSFT) rallied the most, adding 2%. McDonald's Corporation (NYSE:MCD) paced the four components that lost, with a 1.2% drop.


The S&P 500 Index (SPX - 2,124.29) tacked on 16.9 points, or 0.8%. The Nasdaq Composite (COMP - 5,163.18) jumped 64.2 points, or 1.3%, finishing at its loftiest level of the session -- and at an all-time closing high. The tech-heavy index also came within 1.2 points of a record peak.

The CBOE Volatility Index (VIX - 12.11) slid 1.1 points, or 8.5%, to its lowest closing perch since June 23.

 

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5 Items on Our Radar Today:

 

  1. Following the Greek parliament's approval of an international bailout plan, the European Central Bank (ECB) decided to increase emergency funding to Greece's banks so they'll be able to open on Monday. Greek banks have been shuttered since June 29. (Business Insider)
  2. Jobless claims fell for the first week in four, coming in at 281,000 -- below the Street's average estimate. Elsewhere on the economic front, homebuilder sentiment remained at its highest level since late 2005, while the Philadelphia Fed's business outlook survey came up well short of expectations. (Bloomberg Business; Reuters)
  3. Could one of these standout IPOs be the next Fitbit Inc (NYSE:FIT)?
  4. Rovi Corporation's (NASDAQ:ROVI) legal battle with Netflix, Inc. (NASDAQ:NFLX) didn't end well.
  5. Two more celebrities turning up the heat on Costco Wholesale Corporation (NASDAQ:COST).

 

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Commodities:

 

Crude dropped again amid ongoing concerns about growing stockpiles at a Cushing, Oklahoma, delivery hub. By the end of the session, August-dated futures were off 50 cents, or 1%, at $50.91 per barrel.

 

Gold hit another eight-month low -- and notched a sixth consecutive daily loss -- as the dollar gained ground and following Yellen's statement that the Fed will likely raise interest rates later this year. At day's end, gold for August delivery was down $3.50, or 0.3%, at $1,143.90 per ounce.

 

 


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