Stocks edged higher amid a round of earnings beats, with the COMP notching another record high
The Dow Jones Industrial Average (DJIA) ended with a modest gain, and the Nasdaq Composite (COMP) touched another record high, as traders digested an encouraging round of earnings reports. Meanwhile, developments out of China once again sent gold lower, and crude's rough session weighed on energy stocks -- solars notwithstanding. Looking ahead, traders are eagerly awaiting another day packed with quarterly numbers, with Apple Inc. (NASDAQ:AAPL) and several other big names on deck.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,100.41) spent time on both sides of breakeven today, but ultimately settled with a gain of 14 points, or 0.1%. Visa Inc (NYSE:V) led the 14 advancing blue chips, adding 2.6%, while Intel Corporation (NASDAQ:INTC) paced the losing majority with a 1.3% drop.
The S&P 500 Index (SPX - 2,128.28) gained 1.6 points, or 0.1%, and came within 2 points of a record peak at its session high. The Nasdaq Composite (COMP - 5,218.86) touched an intraday record for a third straight session, peaking at 5,231.94, before settling with a gain of 8.7 points, or 0.2%.
The CBOE Volatility Index (VIX - 12.25) bounced from a year-to-date low, tacking on 0.3 points, or 2.5%.
5 Items on Our Radar Today:
- White House economic advisor Maurice Obstfeld has been appointed the next chief economist at the International Monetary Fund (IMF). "He is known around the globe for his work on international economics and is considered one of the most influential macroeconomists in the world," said Christine Lagarde, managing director of the IMF, in a written statement. (The Seattle Times)
- Paypal Holdings Inc (NASDAQ:PYPL) was the latest of several companies to break out in its public debut. By day's end, the stock's market capitalization was roughly $50 billion -- considerably higher than the less-than-$35 billion valuation of parent company eBay Inc (NASDAQ:EBAY). (TechCrunch)
- Speaking of EBAY, the post-split shares edged higher after an acquisition, while sector peer Etsy Inc (NASDAQ:ETSY) fell off a cliff.
- SolarCity Corp (NASDAQ:SCTY) got a major lift after its archrival got bought out.
- The earnings momentum could continue tomorrow, with this trio headed to the confessional.
Commodities:
Crude futures dropped amid concerns about global demand. At day's end, August-dated oil was down 74 cents, or 1.5%, at $50.15 per barrel -- its lowest level since early April.
Gold plummeted amid widespread Chinese selling. By the close, gold for August delivery had fallen $25.10, or 2.2%, to settle at $1,106.80 per ounce -- a five-year low.