The DJIA had its best week in nearly five years, while commodity prices got clobbered
It was an up-and-down day for the Dow Jones Industrial Average (DJIA), as blue-chip stocks initially looked to cool off after the Dow's back-to-back triple-digit gains. However, the blue-chip index ultimately resolved to the upside, notching a record closing high, a fifth straight win, and its largest one-week gain since 2011, powered by Donald Trump's surprising election victory. It was a similar story for the broader S&P 500 Index (SPX), which snapped its own winning streak, but still walked away with its best week in two years. Meanwhile, a ramp-up in crude output crushed oil prices, while a surging dollar and waning interest in "safe havens" led to a historically bad week for gold.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,847.66) added 39.8 points, or 0.2%, bringing its weekly advance to 5.4%. Two-thirds of the Dow's 30 components ended higher, paced by Walt Disney Co's (NYSE:DIS) post-earnings gain of 2.9%. Meanwhile, nine blue chips fell -- with Pfizer Inc. (NYSE:PFE) the hardest-hit, down 2.7% -- and Verizon Communications Inc. (NYSE:VZ) was flat.
The S&P 500 Index (SPX - 2,164.45) gave up 3 points, or 0.1%, while the Nasdaq Composite (COMP - 5,237.11) tacked on 28.3 points, or 0.5%. On a weekly basis, though, the SPX and COMP were each 3.8% higher, with the latter marking its best week since February.
The CBOE Volatility Index (VIX - 14.17) tumbled 0.6 point, or 3.9%. Week-over-week, the market's "fear gauge" surrendered 37.1%


5 Items on Our Radar Today
-
Fed Vice Chair Stanley Fischer said he believes the U.S. economy is strong enough for the Fed to
resume hiking interest rates -- albeit gradually. "In my view, the prospects of a continued steady expansion in the U.S. economy are maximized to the extent that we proceed with a gradual removal of accommodation," said Fischer.
(Reuters)
-
Billionaire Warren Buffett called predictions of a market crash after a Trump presidential win "silly" -- despite being a vocal critic of the president-elect -- and
expressed optimism in stocks, regardless of the ruling party. As for Trump's proposed tariffs on Mexican and Chinese imports, Buffett called them a "very bad idea," but did not necessarily think they'd lead to a recession.
(MarketWatch)
- Can a name change save Valeant Pharmaceuticals Intl Inc (NYSE:VRX)? Bill Ackman thinks so.
- How this CEO's take on Trump landed him in hot water.
- Option bulls bombarded this cybersecurity stock as go-private possibilities emerged.


Data courtesy of Trade-Alert
Commodities:
Oil prices collapsed after the Organization of the Petroleum Exporting Countries (OPEC) reported record production last month. By day's end, crude for December delivery was down $1.25, or 2.8%, at $43.41 per barrel. Liquid gold gave up 1.5% for the week, for a third consecutive weekly drop.
A broad sell-off in commodities pressured gold today, with December-dated futures losing $42.10, or 3.3%, to settle at $1,224.30 per ounce -- gold's lowest perch since June. What's more, amid the strongest week of the year for the dollar, the precious metal sank 6.2%. Gold hasn't fallen that much in a single week since June 2013.
Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View.