VZ and V helped the DJIA shake off early losses
After dipping lower in early trading, the
Dow Jones Industrial Average (DJIA) regained its momentum to finish the day modestly higher, but stopped short of
another record high. Verizon Communications Inc. (NYSE:VZ) helped the Dow rebound, thanks to reports that
a deal with Yahoo! Inc. (NASDAQ:YHOO) could be announced soon, and
solid earnings from Visa Inc (NYSE:V) also helped. However, a poorly received report from fellow blue chip
General Electric Company (NYSE:GE) kept the index's gains in check. By the close, the Dow logged its fourth straight weekly win, and the broader
S&P 500 Index (SPX) climbed to another record closing high, with help from a rally in utility stocks and encouraging manufacturing data.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,570.85) added 53.6 points, or 0.3%, with Visa Inc (NYSE:V) leading 22 of the 30 blue-chip components higher on a 1.4% gain. GE led the laggards, shedding 1.6%. For the week, the DJIA climbed 0.3%.
The S&P 500 Index (SPX - 2,175.03) gained 9.9 points, or 0.5%, tapping a new record closing high, and bringing its weekly win to 0.6%. The Nasdaq Composite (COMP - 5,099.10) added 25.2 points, or 0.5%, but ended just shy of the round 5,100 level. For the week, the tech-heavy index gained an impressive 1.4%. The SPX and COMP both notched a fourth straight weekly win.
The CBOE Volatility Index (VIX - 12.02) shed 0.7 point, or 5.7%, ending the week 5.1% lower.
5 Items on Our Radar Today:
- Police in Munich, Germany, confirmed that multiple people were killed or injured after one or more gunmen unleashed a shooting spree on civilians in a shopping center. Officers say they do not yet have a suspect in custody -- the city is on lockdown -- but believe the attack was terrorist in nature. (Reuters)
- In an effort to fight for a higher minimum wage and the right to join a union, local airport workers in Philadelphia are planning to strike next week, while the Democratic National Convention takes place in the city. About 1,000 workers are expected to join the strike. (USA Today)
- Why one brokerage firm thinks expectations toward Facebook Inc (NASDAQ:FB) are "simply too high."
- Action heated up in Pandora Media Inc's (NYSE:P) options pits after earnings.
- What sent this Apple Inc. (NASDAQ:AAPL) supplier plummeting?
Data courtesy of Trade-Alert
Commodities:
Oil prices dropped today, after operating oil rigs in the U.S. increased for a fourth straight week, keeping oversupply concerns at the forefront. For the day, September-dated crude slid 56 cents, or 1.3%, to $44.19 per barrel -- an 11-week low. For the week, crude oil gave back 3.8%.
Gold also ended lower, as the dollar jumped and a rebound in stocks dulled the collective appetite for "safe havens." August-dated gold shed $7.60, or 0.6%, to $1,323.40 an ounce, bringing its weekly loss to 0.3%.
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