The DJIA notched a third straight win and its best close since July
After a brief stint in negative territory, the
Dow Jones Industrial Average (DJIA) recovered, blazing a path higher for its third straight win and its best close since July. The Dow was again boosted by strong performances from
blue-chip stocks and rising oil prices. In fact, June-dated crude futures settled at a year-to-date high, following a slimmer-than-expected rise in oil inventories and speculation that major oil producers could meet again in May to discuss a production freeze. Now, the Dow will look to make it four in a row, with the
busiest earnings day of the week on tap.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,096.27) picked up 42.7 points, or 0.2%, for its highest close sine July 20. Sixteen of the 30 Dow components closed higher, led by Goldman Sachs Group Inc's (NYSE:GS) 2.7% pop. The Coca-Cola Co (NYSE:KO) lead the losers with a post-earnings drop of 4.8%, while General Electric Company (NYSE:GE) closed flat.
The S&P 500 Index (SPX - 2,102.40) closed 1.6 points, or 0.1%, higher to end at its own year-to-date best. The tech-heavy Nasdaq Composite (COMP - 4,948.13) added 7.8 points, or 0.2%.
The CBOE Volatility Index (VIX - 13.28), interestingly, also closed higher, picking up 0.04 point, or 0.3%. Intraday, the VIX touched its lowest point since Aug. 10.
5 Items on Our Radar Today:
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Andrew Jackson is getting the heave-ho, with Harriet Tubman set to replace the former president on the $20 bill. Alexander Hamilton will remain the $10 bill representative. (MarketWatch)
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In the latest auto scandal, Mitsubishi Motors fell 15% in Tokyo after admitting "improper testing methods were used to improve the appearance of fuel efficiency" on over a half-million vehicles. (Bloomberg)
- Will Alphabet Inc (NASDAQ:GOOGL) be found guilty of Android abuse? The European Union (EU) antitrust regulators certainly think so.
- Angie's List Inc (NASDAQ:ANGI) initially dropped after earnings, much to the delight of recent put buyers.
- This biotech stock has roughly doubled in value since its February lows, but skepticism prevails.
Data courtesy of Trade-Alert
Commodities:
Crude oil futures jumped after a government report showed a sixth straight drop in U.S. production. At the close, June-dated crude was up $1.71, or 4%, at $44.18 per barrel -- a 2016 closing high for the front-month contract.
June-dated gold futures, meanwhile, edged higher for the day, adding 10 cents, or 0.01%, to end at $1,254.40 an ounce.
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