Another Win, Record High for Dow Jones Industrial Average

The Bullish Implications of the Dow's Best Run Since 2009

by Josh Selway

Published on Jul 20, 2016 at 4:27 PM
Updated on Jul 20, 2016 at 4:31 PM

The Dow Jones Industrial Average (DJIA) notched its ninth win a row, knocking out new all-time highs -- and its seventh straight record close -- in the process. Microsoft Corporation (NASDAQ:MSFT) led the Dow higher with an impressive post-earnings rally, while a larger-than-anticipated drop in U.S. crude inventories helped crude oil futures rebound from two-month lows -- adding to the risk-on attitude. What's more, the Nasdaq Composite (COMP) and S&P 500 Index (SPX) both followed the Dow's upward move, with the former surging on a tech-stock rally and the latter hitting a record peak of its own. Meanwhile, the CBOE Volatility Index (VIX) -- or the market's "fear gauge" -- marked its lowest close since August 2014.


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

The Dow Jones Industrial Average (DJIA - 18,595.03) rose yet again, adding 36 points, or 0.2%, for its ninth straight close in the green -- extending the longest string of gains since 2013. Eighteen of 20 Dow components closed higher, led by MSFT, which added 5.3%. Walt Disney Co (NYSE:DIS) was the biggest loser, falling 1.3%, and Nike Inc (NYSE:NKE) closed flat. 

The S&P 500 Index (SPX - 2,173.02) also moved higher, adding 9.2 points, or 0.4%. The Nasdaq Composite (COMP - 5,093.58) was even more impressive, picking up 56.6 points, or 1.1%. 

The CBOE Volatility Index (VIX - 11.77) dropped another 0.2 point, or 1.7%, for its lowest close since August 2014. 

indexes closing summary july 20

nyse and nasdaq stats july 20

5 Items on Our Radar Today: 

  1. A staff writer for the Trump Organization has taken responsibility for Melania Trump's speech at the Republican National Convention, which sparked cries of plagiarism. The writer, Meredith McIver, issued a statement saying she offered to resign, but Donald Trump rejected. (CNBC)
  2. The U.S. government has approved Anheuser Busch Inbev SA's (ADR) (NYSE:BUD) takeover bid for fellow beer company SABMiller plc. While the deal still needs approved by China, BUD stock rallied nonetheless. (Bloomberg)
  3. How Facebook Inc (NASDAQ:FB) options traders are betting on higher record highs
  4. The China-based stock contrarians may want to consider
  5. Why are bulls lining up for this automaker?


quarterly earnings july 20

unusual options activity july 20
Data courtesy of
Trade-Alert

Commodities:

Crude oil futures rebounded after touching two-month lows, following a decline in domestic crude inventories. August-dated crude futures were up 29 cents, or 0.7%, at $44.94 per barrel at the close. 

Gold futures sank today, falling to almost three-week lows, as stocks and the U.S. dollar continue to push higher. By the close, gold dated for August delivery fell $13, or 1%, to $1,319.30 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


The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Wall Street Roars Higher Amid Civil Unrest
Investors weighed a mixed bag of jobs data
AstraZeneca Stock Flat Despite COVID-19 Vaccine News
AstraZeneca saw a rise in capacity for its COVID-19 vaccine candidate
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.