Fed Momentum, Oil Lift Dow Jones Industrial Average

Biotech Booms 25% On Parkinson's News

Sep 22, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) enjoyed another big session, as Fed-induced tailwinds continued to boost stocks. A two-month low in weekly jobless claims got the bullish juices flowing early, and helped overshadow an unexpected drop in existing home sales. Meanwhile, the Nasdaq Composite (COMP) nabbed another record high amid a rally in tech stocks, and the S&P 500 Index (SPX) posted its best close since Sept. 8. The outsized gains even spread to commodities, as oil and gold prices popped amid a weakening U.S. dollar. 

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

The Dow Jones Industrial Average (DJIA - 18,392.46) enjoyed a 98.8-point, or 0.5%, gain, for its best close since Sept. 8. DuPont (NYSE:DD) and Pfizer Inc. (NYSE:PFE) were the only two Dow stocks to close in the red, with respective losses of 0.2% and 0.4%. Procter & Gamble Co (NYSE:PG) paced the 28 gainers with a 1.4% advance. 

The S&P 500 Index (SPX - 2,177.18) added 14.1 points, or 0.7%, and the Nasdaq Composite (COMP - 5,339.52) closed 44.3 points, or 0.8%, higher -- its loftiest close ever. 

The CBOE Volatility Index (VIX - 12.02) shed 1.3 points, or 9.6%. 

Indexes closing summary September 22
NYSE and NASDAQ stats September 22

5 Items on Our Radar Today

  1. Banking giant Wells Fargo & Co (NYSE:WFC) could be facing another legal hurdle. Specifically, eight U.S. senators asked the Labor Department to investigate whether the company failed to pay certain employees properly for working overtime. (Reuters)
  2. Tesla Motors Inc (NASDAQ:TSLA) is fighting back in an effort to sell cars straight to consumers. The automaker has sued the state of Michigan after state officials rejected the company's proposal to bypass dealerships and sell its cars to consumers directly. (USA Today)
  3. Why Wells Fargo thinks 2017 may be a tough year for Apple Inc (NASDAQ:AAPL).
  4. The 2 pieces of positive news that boosted this Dow stock. 
  5. What had SeaWorld Entertainment Inc (NYSE:SEAS) bouncing back from all-time lows?

Quarterly Earnings September 22
Unusual Options Activity September 22
Data courtesy of Trade-Alert


Crude oil futures climbed today, as the U.S. dollar declined. By the close, November-dated crude futures were up 98 cents, or 2.2%, at $46.32 per barrel. 

Gold prices also benefited from a weaker dollar. Gold dated for December delivery ended $13.30, or 1%, higher at $1,344.70 an ounce -- marking a fourth straight win. 

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