Fed Sparks 248-Point Gain for Dow Jones Industrial Average

2 Apple Suppliers Ripe for a Holiday Rally

by Andrea Kramer

Published on Nov 18, 2015 at 4:27 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) blazed a steady path higher today, with an early upgrade for Apple Inc. (NASDAQ:AAPL) getting the bullish ball rolling. The blue-chip index only picked up steam after relatively hawkish minutes from the Fed's last meeting, with signs pointing to the first rate hike in nine years next month. By the close, the Dow was up more than 200 points, the S&P 500 Index (SPX) was higher on the year, and the Nasdaq Composite (COMP) was sitting pretty north of 5,000.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,737.16) rallied 247.7 points, or 1.4%, to end atop its 10-day moving average for the first time since Nov. 6. All 30 Dow components ended in the black, led by AAPL's 3.2% gain.

The S&P 500 Index (SPX - 2,083.58) soared 33.1 points, or 1.6%, to topple its 10- and 20-day moving averages -- a feat not accomplished since Nov. 6. The broad-market barometer now boasts a 2015 lead of 1.2%. The Nasdaq Composite (COMP - 5,075.20) also defeated its 10- and 20-day trendlines for the first time since Nov. 6, surging 89.2 points, or 1.8%.

The CBOE Volatility Index (VIX - 16.85) gave up 2 points, or 10.6%.

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5 Items on Our Radar Today:

  1. Fed officials were largely on the same page in October, with "most" opining that conditions for a rate hike "could well be met by the time of the next meeting" in December. However, "several" also said it would be "prudent" to consider other means of stimulation, to avoid tightening policy too quickly. (MarketWatch)
  2. The New York Stock Exchange (NYSE) will soon eliminate "stop orders" and "good till cancelled orders," starting Friday, Feb. 26. The Big Board hopes it will "help raise awareness around the potential risks during volatile trading," said a spokesperson. (Reuters)
  3. Black Friday buzz brought Amazon.com, Inc. (NASDAQ:AMZN) bulls to the table.
  4. These 3 underloved stocks could catch a tailwind, should bears capitulate.
  5. Why Piper Jaffray thinks GPRO is headed for single-digit territory.

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Commodities:

Crude ended a wishy-washy session with a modest gain, after briefly breaching $40 per barrel for the first time since August, helped by the Fed's meeting minutes. Oil initially moved higher after the latest Energy Information Administration (EIA) report showed a smaller-than-expected increase in domestic stockpiles, but the optimism didn't last long, with inventories still near record highs. By the close, December-dated oil eked out a win of 8 cents, or 0.2%, to finish at $40.75 per barrel.

After hitting five-year lows in intraday trading, December-dated gold ended with a gain of 10 cents at $1,068.70 an ounce. Following the Fed minutes, the malleable metal was even higher, though, with the dollar backing down from seven-month highs.


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