Energy Leads as Dow Jones Industrial Average, S&P Notch Highs

3 Airline Stocks Taking Flight

by Alex Eppstein

Published on Jul 12, 2016 at 4:26 PM
Updated on Jul 12, 2016 at 4:30 PM

It was a banner day for stocks, as the Dow Jones Industrial Average (DJIA) and the broader S&P 500 Index (SPX) hit all-time highs, while the tech-heavy Nasdaq Composite (COMP) settled at its highest level of 2016. Energy stocks led the way, fueled by monster gains in crude oil prices, while a strong start to earnings season only added to the momentum. In so doing, U.S. markets kept pace with their overseas peers, which got an overnight lift from Japan's newly announced intentions to pursue "bold" fiscal stimulus.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJIA - 18,347.67) touched a record high of 18,371.95, before closing on a gain of 120.7 points, or 0.7%. Twenty-two blue-chip stocks advanced, paced by Goldman Sachs Group Inc's (NYSE:GS) 3.1% pop. Seven Dow components ended lower, with Wal-Mart Stores, Inc. (NYSE:WMT) being the worst performer, down 1.1%. Procter & Gamble Co (NYSE:PG), meanwhile, finished flat.

The S&P 500 Index (SPX - 2,152.14) reached an all-time best of 2,155.40, before settling on a 15-point, or 0.7%, lead. The Nasdaq Composite (COMP - 5,022.82) closed above the 5,000 millennium mark for the first time in 2016, tacking on 34.2 points, or 0.7%.

The CBOE Volatility Index (VIX - 13.55) barely budged, ending on a gain of just 0.01 point, or 0.1%.

Indexes closing summary July 12

NYSE and NASDAQ stats July 12

5 Items on Our Radar Today: 

  1. After losing the Democratic presidential primary to Hillary Clinton, Bernie Sanders formally conceded victory and endorsed the former secretary of state. "I intend to do everything I can to make certain she will be the next president of the United States," said Sanders. (CNN)
  2. St. Louis Fed President James Bullard reiterated his belief that just one interest-rate hike will be sufficient for the foreseeable future, as the U.S. turns toward full employment in a low-growth, low-inflation environment. Bullard's dovish remarks follow last Friday's blowout payrolls report. (St. Louis Post-Dispatch)
  3. What is it about this drugmaker that's "getting very interesting for investors"?
  4. Put options popped on J C Penney Company Inc (NYSE:JCP).
  5. 3 reasons this steel stock shot up the charts.


Quarterly Earnings July 12

Unusual Options Activity July 12
Data courtesy of
Trade-Alert

Commodities:

After yesterday hitting a two-month low, crude futures snapped back hard on presumed short covering. Meanwhile, a report from the Organization of the Petroleum Exporting Countries (OPEC) expressed hopes that oil output and demand will reach equilibrium later this year. At day's end, crude for August delivery was up $2.04, or 4.6%, at $46.80 per barrel -- its largest single-day percentage gain since April 8.

Gold futures slid amid the broad-market rally, as well as rising expectations for economic stimulus. Specifically, August-dated gold gave up $21.30, or 1.6%, to settle at $1,335.30 per ounce.

Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.
Google Postpones Android Reveal, "Now is Not the Time to Celebrate"
"Now is not the time to celebrate," Google said in a message on its website
ZNGA Zooms to 8-Year High on Billion-Dollar Deal
ZNGA is planning to buy Peak for $1.8 billion
Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....