Fed Chair Janet Yellen's speech sent stocks higher again, with the DJIA hitting its highest settlement of the year
The
Dow Jones Industrial Average (DJIA) shot to its highest close of 2016, still buoyed by
Fed Chair Janet Yellen's dovish remarks -- echoed today by
another central banker. Financial and
tech stocks led the way higher, even as oil prices trimmed an early lead after another weekly inventory build. Meanwhile, the broader
S&P 500 Index (SPX) and tech-centric
Nasdaq Composite (COMP) picked up their third straight daily victories.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,716.66) added 83.6 points, or 0.5%, ending on its fourth consecutive daily gain. Two-thirds of the Dow's 30 components advanced, with Visa Inc (NYSE:V) in the lead -- up 1.9%. On the flip side, BA was the largest of 10 blue-chip losers, sliding 1.8%.
The S&P 500 Index (SPX - 2,063.95) added close to 9 points, or 0.4%, to flirt with its highest level of 2016. Meanwhile, the Nasdaq Composite (COMP - 4,869.29) tacked on 22.7 points, or 0.5%.
The CBOE Volatility Index (VIX - 13.56) surrendered 0.3 point, or 1.9%, for its lowest settlement since mid-August.
5 Items on Our Radar Today:
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A jury found that a 2014 accident involving a General Motors Company (NYSE:GM) car was not caused by a defective ignition switch, and accordingly did not award damages. This represents the first verdict on the faulty parts since GM's massive recall in 2014. (Reuters)
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Chicago Fed President Charles Evans struck a confident tone during a speech in New York. "My assessment is the economy is going to be strong enough, we'll be raising rates two times this year," Evans said. However, the non-voting central banker doesn't expect a rate hike at the April Fed meeting. (Bloomberg)
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Despite Fitbit Inc's (NYSE:FIT) struggles, option bulls show no signs of slowing down.
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Why short sellers are breathing a sigh of relief on this tech stock.
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The story behind Valeant Pharmaceuticals Intl Inc's (NYSE:VRX) latest abysmal session.
Data courtesy of Trade-Alert
Commodities:
Crude futures pared most of their gains after the Energy Information Administration (EIA) reported a 2.3-million-barrel build in stockpiles -- though this was less than anticipated. By day's end, May-dated oil was up just 4 cents, or 0.1%, at $38.32 per barrel. The contract peaked at $39.85 in intraday trading.
The broad-market rally took its toll on gold, just a day after the precious metal surged on Yellen's speech. Specifically, gold for May delivery fell $10.20, or 0.8%, to settle at $1,226.20 per ounce.