The DJIA ended up triple digits, thanks to big gains in finance and tech stocks
The Dow Jones Industrial Average (DJIA) took off running out of the gate and didn't slow down. Tech and financial stocks paced the rally, with Microsoft Corporation (NASDAQ:MSFT) and Visa Inc (NYSE:V) leading the Dow to a triple-digit gain. Good news in the housing market and rising oil prices also lent support to stocks, overshadowing recent Fed fears.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,706.05) finished in the black, up 213.1 points, or 1.2%. MSFT's 3.1% gain led the 29 Dow winners, while Boeing Co (NYSE:BA) was the single loser of the day, suffering a fractional loss.
The S&P 500 Index (SPX – 2,076.06) gained 28 points, or 1.4%, while the Nasdaq Composite (COMP – 4,861.06) enjoyed gains of 95.3 points, or 2%, to topple its 200-day moving average for the first time since April 27.
The CBOE Volatility Index (VIX - 14.42) fell 1.4 points, or 8.9%, to finish the day with a loss.
5 Items on Our Radar Today:
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Monsanto Company (NYSE:MON) rejected Bayer AG's $62 billion offer, calling it "incomplete" and "inadequate" but left the door open for future offers. (ABC News)
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Following in Apple Inc.'s (NASDAQ:AAPL) footsteps, Volkswagen invested $300 million in Uber rival Gett. (Fortune)
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DSW Inc. (NASDAQ:DSW) hit a five-year low, and options players think it won't end there.
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Toll Brothers Inc (NYSE:TOL) enjoyed a post-earnings rally, lifting these sector peers.
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Under Armour Inc (NYSE:UA) just inked a record 15-year deal.
Data courtesy of Trade-Alert
Commodities:
July-dated crude futures rose 54 cents, or 1.1%, to $48.62 per barrel -- their best close since October -- in anticipation of falling U.S. inventories and reduced output from Iraq.
June-dated gold plummeted $22.30, or 1.8%, to $1,229.20 an ounce -- the precious metal's fifth straight loss and a four-week low -- as the dollar strengthened and rate-hike expectations prevailed. A rally in the stock market also diminished gold's "safe haven" appeal.
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