Dow Jones Industrial Average Jumps 218 to All-Time Peak; Tech Stocks Slump

Trump's Not Apple's Only Problem; Plus, Time to Hedge This Hot Drug Stock?

Nov 10, 2016 at 4:19 PM
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The Dow Jones Industrial Average (DJIA) soared to a record high of 18,873.66 in intraday trading -- and finished with another triple-digit win, as the positive post-election momentum lifted financial shares. However, it looks like traders may be adjusting their portfolios to reflect a Donald Trump presidency, as tech stocks came under intense pressure, weighing on the Nasdaq Composite (COMP). Trump aside, Wall Street also had the opportunity to digest a drop in weekly jobless claims, as well as the latest rate-hike speculation from St. Louis Fed President James Bullard.

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

The Dow Jones Industrial Average (DJIA - 18,807.88) headed higher out of the gate and never looked back, finishing at its highest perch ever -- up 218.2 points, or 1.2%. Nineteen of 30 Dow stocks settled in the green, paced by JPMorgan Chase & Co.'s (NYSE:JPM) 4.6% bounce. Procter & Gamble Co (NYSE:PG) led the 11 losers with its downside run of 3.5%.

The S&P 500 Index (SPX - 2,167.48) added 4.2 points, or 0.2%, for its fourth straight daily gain. However, the Nasdaq Composite (COMP - 5,208.80) fell 42.3 points, or 0.8%, ending the index's three-day win streak.

The CBOE Volatility Index (VIX - 14.74) tacked on 0.4 point, or 2.5%, but failed to take back the 15 level.

Indexes closing summary November 10
NYSE and NASDAQ stats November 10

5 Items on Our Radar Today

  1. President-elect Trump met with sitting Commander-in-Chief Barack Obama to facilitate a smooth transition of power -- and their discussion went well, despite some sharp exchanges throughout the campaign. Trump came out of the meeting calling Obama "a very good man," and saying their talk lasted 90 minutes instead of a scheduled 10. However, protesters across the country continued to gather in defiance of the election results(CNN)
  2. The Alliance of Automobile Manufacturers has begun making overtures to the Trump transition team, asking that fuel efficiency mandates be revised. The automakers complained that "technology and change are swamping the regulatory capacity to manage our emerging reality. Reform is imperative." (Reuters)
  3. Option bears are betting on a Single's Day slide for Alibaba Group Holding Ltd (NYSE:BABA).
  4. 3 retail stocks that rallied amid earnings tailwinds.
  5. The story behind the latest solar stock to get destroyed.

Quarterly Earnings November 10

Unusual Options Activity November 10
Data courtesy of Trade-Alert

Commodities:

Oil slipped as traders turned their attention away from Trump and back to lingering oversupply fears, after data showed the Organization of the Petroleum Exporting Countries (OPEC) produced the most barrels per day on record last month. Specifically, December-dated crude dropped 61 cents, or 1.4%, to close at $44.66 per barrel, following three straight days in the black.

Gold suffered again, as stocks rallied and the dollar strengthened. By day's end, December-dated gold gave back $7.10, or 0.6%, settling at $1,266.40 per ounce.

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