Dow Jones Industrial Average Adds 320 as Bullish Stars Align

Dow Skyrockets 320; Plus, the Other Valeant Victim

Oct 22, 2015 at 4:23 PM
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After a few wishy-washy days, the Dow Jones Industrial Average (DJIA) finally made a decisive turn higher, skyrocketing out of the gate and never looking back. The bullish stars seemingly aligned today, as traders cheered powerhouse earnings from McDonald's Corporation (NYSE:MCD), encouraging economic data, and talk of a stimulus extension from European Central Bank (ECB) President Mario Draghi. Not to be outdone, the S&P 500 Index (SPX) joined in the celebration, and the Nasdaq Composite (COMP) even dodged another biotech bullet, with both indexes notching their highest closes since before the August sell-off.

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

The Dow Jones Industrial Average (DJIA - 17,489.16) briefly peeked above 17,500 for the first time since Aug. 19, tacking on 320.6 points, or 1.9%, by the close. Just four Dow components ended lower, paced by American Express Company's (NYSE:AXP) post-earnings loss of 5.2%. MCD led the advancing majority, rallying 8.1% to hit a record high.  
 
The S&P 500 Index (SPX - 2,052.51) jumped 33.6 points, or 1.7%, and is on pace to end the week atop its 20-week moving average for the first time since late July. Although healthcare stocks sat out the broader rally, the Nasdaq Composite (COMP - 4,920.05) managed a 79.9-point, or 1.7%, win.

The CBOE Volatility Index (VIX - 14.45) marched to its lowest close since Aug. 18, dropping 2.3 points, or 13.5%. The "fear gauge" is on pace for its fourth straight weekly loss.

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5 Items on Our Radar Today:

  1. Existing home sales increased more than expected in September, according to the National Association of Realtors. The 4.7% increase brought resales to the second-highest monthly pace since early 2007. (Reuters, via CNBC)
  2. The four-week moving average of weekly jobless claims fell to the lowest rate in more than four decades, even as last week's claims inched higher. (Reuters)
  3. Yet another drugmaker found itself in trouble, as an FDA warning sent Relypsa Inc (NASDAQ:RLYP) tumbling
  4. EBAY climbed after a third-quarter earnings beat, generating enthusiasm among analysts
  5. Behold, the greatest pizza-delivery machine the world has ever seen?

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Commodities:

Oil futures bounced back from a three-week low, as encouraging economic data and bargain-hunting trumped a stronger dollar. By the close, December-dated crude was up 18 cents, or 0.4%, at $45.38 per barrel.

On the other hand, a stronger greenback and a dovish tone from the ECB weighed on gold, pushing the December contract $1, or 0.1%, lower to $1,166.10 an ounce.

 

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