The DJIA ended with a triple-digit gain, as crude oil prices and AAPL shares surged
The Dow Jones Industrial Average (DJIA) climbed steadily out of the gate, ending with a triple-digit gain. Crude oil prices rocketed to six-month highs, while news of Warren Buffett backing Apple Inc. (NASDAQ:AAPL) to the tune of $1 billion sent the blue-chip stock on the road to recovery, pulling the Nasdaq Composite (COMP) along with it. In addition, fellow Dow stock Home Depot Inc. (NYSE:HD) came within a chip-shot of record highs amid a wave of pre-earnings optimism.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,710.71) surged to a 175.4-point, or 1%, gain. AAPL led a group of 26 blue-chip winners, jumping 3.7%. On the flip side, Travelers Companies Inc (NYSE:TRV) paced the four Dow losers, sliding 0.4%.
The S&P 500 Index (SPX - 2,066.66) added 20.1 points, or 1%. Likewise, the Nasdaq Composite (COMP - 4,775.46) popped 57.8 points, or 1.2%.
The CBOE Volatility Index (VIX - 14.68) gave up 0.4 point, or 2.4%, but found a foothold atop its 40-day moving average.
5 Items on Our Radar Today:
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According to the NAHB housing market index, confidence among U.S. homebuilders was unchanged in May, holding steady at 58 for a fourth consecutive month. Economists had expected the index to edge higher to 59. (Chicago Tribune)
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"The case for raising rates looks to be pretty strong in June," Richmond Fed President Jeffrey Lacker told The Washington Post. Lacker said the jobs market has "tightened very significantly," inflation is "moving decidedly" toward the Fed's 2% target, and the downside risks seen at the beginning of 2016 "have dissipated." (Washington Post)
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The generic drug collaboration that ensures McKesson Corporation's (NYSE:MCK) "long-term competitive position."
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Jana Partners hit the bricks on this beleaguered biotech.
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Call options exploded on this red-hot gold stock.
Data courtesy of Trade-Alert
Commodities:
Oil prices surged amid supply outages in Nigeria, Canada, and Venezuela, and after Goldman Sachs changed its tune on liquid gold, saying the "oil market has gone from nearing storage saturation to being in deficit much earlier than we expected." At day's end, June-dated crude futures added $1.51, or 3.3%, to finish at $47.72 per barrel -- their highest settlement since Nov. 3.
Gold ticked higher in spite of the broad-market rally, boosted by a decline in the dollar. Specifically, gold for June delivery tacked on $1.50, or 0.1%, to close at $1,274.20 per ounce.
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