Dow Jones Industrial Average, Nasdaq Sizzle as Tech Outperforms

4 Debate Stocks to Watch; Plus, FANG in Focus

Sep 27, 2016 at 4:19 PM
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The Dow Jones Industrial Average (DJIA) shrugged off a steep drop in crude oil prices and some early losses, as traders eventually embraced a risk-on approach after last night's highly anticipated presidential debate. Also boosting stocks -- led by the outperforming tech sector -- was a generally solid round of economic data, as well as some dovish remarks from one key Fed official. By day's end, the Dow was up triple digits, while the tech-heavy Nasdaq Composite (COMP) settled just above the round-number 5,300 level.

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

The Dow Jones Industrial Average (DJIA - 18,228.30) shot 133.5 points, or 0.7%, higher, as twenty-nine of 30 components advanced -- led by 1.8% gains at Microsoft Corporation (NASDAQ:MSFT) and International Business Machines Corp. (NYSE:IBM). The lone loser was Walt Disney Co (NYSE:DIS), down 0.3%.

The S&P 500 Index (SPX - 2,159.93) tacked on 13.8 points, or 0.6%. The Nasdaq Composite (COMP - 5,305.71) outdid its peers, adding 48.2 points, or 0.9%.

The CBOE Volatility Index (VIX - 13.10) slid 1.4 points, or 9.7%, settling a hair below its 200-day moving average.

Indexes Closing Summary September 27__

NYSE and Nasdaq Stats September 27

5 Items on Our Radar Today

  1. Last night's presidential debate between Democratic nominee Hillary Clinton and Republican rival Donald Trump garnered the biggest television audience in the history of U.S. presidential debates, with over 80 million viewers. After a number of pundits claimed Clinton won the bout, Trump vowed he may "hit her harder" in the next round, scheduled for Oct. 9. (CNN; The Washington Post)
  2. Fed Vice Chair Stanley Fischer said he doesn't want to raise interest rates too much, due to signs that Americans "are beginning to see the fruits of a higher pressure labor market." Fischer was also uncertain as to the best timing of a future rate hike. (Reuters)
  3. Options traders are hoping this retail stock can mount a rare post-earnings rally.
  4. Why these 3 airlines stocks stormed higher.
  5. The potential M&A play flying under the radar.

Unusual Options Volume September 27
Data courtesy of Trade-Alert

Commodities:

It was a rough day for crude oil, as hopes of an imminent output freeze faded on comments from Saudi Arabia and Iran's energy ministers, ahead of tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting. By the close, November-dated crude futures were down $1.26, or 2.7%, at $44.67 per barrel.

Gold tanked as the stock market and dollar reacted positively to Clinton's debate performance, with Wall Street hoping for a preservation of the status quo. December-dated gold futures lost $13.70, or 1%, to settle at $1,330.40 per ounce.

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