The DJIA shot higher, as U.S. stocks rallied amid a flurry of mergers and acquisitions
On the heels of a banner month, the Dow Jones Industrial Average (DJIA) kicked off November in bullish form, rising triple digits. Meanwhile, an energy rally helped the broader S&P 500 Index (SPX) topple the round 2,100 level for the first time since mid-August -- potentially setting up the benchmark for a run at all-time highs. Adding to the risk-on sentiment was a raft of M&A activity, and a monthly climb in construction spending to its highest level since March 2008.
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The Dow Jones Industrial Average (DJIA - 17,828.76) headed higher out of the gate and never looked back, finishing on a lead of 165.2 points, or 0.9%. Twenty-five of the Dow's 30 components ended on a gain, led by Chevron Corporation's (NYSE:CVX) 4.5% pop. Visa Inc (NYSE:V) paced the five blue-chip decliners, shedding 3.1% after its earnings miss. Thanks to today's gain, the Dow is back in positive territory for 2015.
The S&P 500 Index (SPX - 2,104.05) tacked on 24.7 points, or 1.2%, finishing above the round 2,100 level for the first time since Aug. 17. The Nasdaq Composite (COMP - 5,127.15) outdid its peers, barreling 73.4 points, or 1.5%, higher.
The CBOE Volatility Index (VIX - 14.15) slid 0.9 point, or 6.1%, to notch its lowest close since mid-August.
5 Items on Our Radar Today:
- Volkswagen came under fire again, as the Environmental Protection Agency issued the automaker a second violation. Another 10,000 vehicles were added to the list of over 11 million affected by VW's installation of software designed to cheat emissions tests. (CNBC)
- According to the Thomson Reuters/PayNet Small Business Lending Index, small business borrowing was up in September. The index, which hit a record high in June, showed an 11% increase over this time last year. (Reuters, via Yahoo! Finance)
- It was a rough day for the shares of Chipotle Mexican Grill, Inc. (NYSE:CMG), after an E. coli outbreak forced the burrito giant to shut down restaurants in two states.
- After weeks of trouble, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) tried to stage a recovery in the face of more analyst pessimism.
- A real-life murder mystery found a new streaming home -- and sent the shares of this Internet radio company soaring.
Commodities:
December crude oil gave up 45 cents, or 1%, closing at $46.14 a barrel, thanks to weak factory data out of China and increased production from Russia.
Gold hit a four-week low, with the December contract closing at $1,135.90 an ounce, a loss of $5.50, or 0.5%. Hawkish notes from last week's Fed meeting are still weighing on the commodity, which failed to respond to a slightly weaker dollar today.