The DJIA closed higher for the ninth straight day, as strong earnings boosted stocks
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.
5 Items on Our Radar Today:
- 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)
- 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)
- How Facebook Inc (NASDAQ:FB) options traders are betting on higher record highs.
- The China-based stock contrarians may want to consider.
- Why are bulls lining up for this automaker?
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.
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