The DJIA made it seven wins in a row
The
Dow Jones Industrial Average (DJIA) traded in a tight 66-point range today, but managed a seventh straight win -- and a new record closing high -- ahead of a hectic week of big-cap earnings. A positive earnings reaction for financial giant Bank of America Corp (NYSE:BAC) boosted trader confidence early on, and the spotlight now turns to sector peer Goldman Sachs Group Inc (NYSE:GS) -- one of several Dow components set to report tomorrow. Elsewhere, while the S&P 500 Index (SPX) also notched its highest close to date, the Nasdaq Composite (COMP) outperformed its peers, as tech stocks rallied amid a major M&A announcement.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,533.05) hit a record closing high, after picking up 16.5 points, or 0.1%. Of the Dow's 30 components, 16 finished in the black, led by DuPont (NYSE:DD), which added 1.3%. The Coca-Cola Co (NYSE:KO) finished flat, while the biggest loser was Travelers Companies Inc (NYSE:TRV), falling 1.1%.
The S&P 500 Index (SPX - 2,166.89) also had its best close ever, finishing with a 5.2-point, or 0.2%, win. The Nasdaq Composite (COMP - 5,055.78) gained 26.2 points, or 0.5%, for its best close in 2016.
The CBOE Volatility Index (VIX - 12.44) gave back 0.2 point, or 1.8%, for its lowest finish since last August.
5 Items on Our Radar Today:
- The Republican National Convention (RNC) began today in Cleveland, Ohio, with presumptive presidential nominee Donald Trump set to accept the party's nomination later in the week. In the meantime, several high-profile names are set to speak, including former New York Mayor Rudy Giuliani -- though Ohio Governor John Kasich won't be there to hear it. (USA Today)
- Shares of automaker Fiat Chrysler Automobiles NV (NYSE:FCAU) shot lower midday, after reports suggested the U.S. government is investigating the company for fraud. According to Bloomberg, the investigation may be looking at whether or not the company exaggerated sales figures. (Bloomberg)
- How analysts greeted Wall Street newcomer Twilio Inc (NYSE:TWLO).
- 2 things that could help this biotech push past a key trendline.
- The upscale retailer quickly winning over Wall Street.
Data courtesy of Trade-Alert
Commodities:
Oil prices dipped today, as any concern about the effect Turkey's attempted military coup may have on supply faded fast. By the close, August-dated crude futures were down 71 cents, or 1.6%, at $45.24 per barrel.
Gold futures, meanwhile, managed a slim win. Gold dated for August delivery added $1.90, or 0.1%, to end at $1,329.30 per ounce.
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