Dow Jones Industrial Average Secures Jaw-Dropping Weekly Win

7 Signs Trump Has Shifted the Sentiment Tide

Nov 11, 2016 at 4:27 PM
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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%

Indexes closing summary November 11
NYSE and NASDAQ stats November 11

5 Items on Our Radar Today

  1. 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)
  2. 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)
  3. Can a name change save Valeant Pharmaceuticals Intl Inc (NYSE:VRX)? Bill Ackman thinks so.
  4. How this CEO's take on Trump landed him in hot water.
  5. Option bulls bombarded this cybersecurity stock as go-private possibilities emerged.

Quarterly Earnings November 11

Unusual Options Activity November 11
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.

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