Dow Jones Industrial Average Tackles 19K Amid Retail Rally

4 Signs the Dollar/Yen Momentum Could Slow

Nov 22, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) took its inaugural journey north of 19,000, and settled above of this critical millennium mark for the first time ever. Not to be outdone, the S&P 500 Index (SPX), Nasdaq Composite (COMP), and Russell 2000 Index (RUT) also closed at an all-time best, with the RUT widening its win streak to 13 -- the longest for the small-cap benchmark in more than 20 years. Stocks were boosted by a big rally in retail shares, with the Consumer Discretionary SPDR ETF (XLY) up 1.2% on the day. Solid housing data only stoked the bullish flames ahead of a busy day of economic data before the Thanksgiving holiday.

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

The Dow Jones Industrial Average (DJIA - 19,023.87) hit an intraday best of 19,043.90, before settling up 67.2 points, or 0.4%. Twenty-four of the Dow's 30 components closed higher, led by Verizon Communications Inc.'s (NYSE:VZ) 2.4% gain. Visa Inc (NYSE:V) paced the six decliners with its 2.2% loss.

The S&P 500 Index (SPX - 2,202.94) added 4.8 points, or 0.2%, while the Nasdaq Composite (COMP - 5,386.35) rose 17.5 points, or 0.3%. In intraday action, the SPX and COMP topped out at record highs of 2,204.80 and 5,392.26, respectively.

The CBOE Volatility Index (VIX - 12.41) gave back 0.01 point, or 0.1%, to settle at its lowest mark since Sept. 28.

Indexes closing summary November 22
NYSE and NASDAQ stats November 22

5 Items on Our Radar Today

  1. Jim Cramer weighed in on Oppenheimer's less-than-enthusiastic outlook for Apple Inc. (NASDAQ:AAPL). The "Mad Money" host noted "there is a big difference between expensive stocks, and stocks that have run," and that analysts who can't differentiate between the two "are making a big mistake." Additionally, Cramer said, "I don't want to fight that tide of potential good news for Apple or for any of these stocks."  (CNBC)
  2. President-elect Donald Trump said the law is "totally on [his] side" in regard to possible business conflicts. In an interview with The New York Times, Trump said he could theoretically "run my business perfectly and then run the country perfectly," and that a U.S. president "can't have a conflict of interest." (Bloomberg)
  3. If history is any guide, this retailer could see some major moves in tomorrow's trading.
  4. Outperforming Seagate Technology PLC (NASDAQ:STX) is surrounded by skeptics -- a possible boon to contrarian traders.
  5.  Weekly call buyers blasted this mining stock after it scored a fresh 52-week peak.

Quarterly Earnings November 22
Unusual Options Activity November 22

Data courtesy of Trade-Alert

Commodities:

Oil prices erased earlier gains amid reports that Iraq, Iran, and Indonesia are hesitant to agree to a production freeze at next week's formal Organization of the Petroleum Exporting Countries (OPEC) meeting. By session's end, January-dated crude was down 21 cents, or 0.4%, at $48.03 per barrel.

Gold futures rose for a second straight day. At the close, gold for December delivery was up $1.40, or 0.1%, at $1,211.20 an ounce.

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