Despite a rough day for crude oil, the DJIA managed to muscle higher, while the COMP hit record levels
The Dow Jones Industrial Average (DJIA) bounced on a round of upbeat economic data, while a strong day for tech stocks lifted the Nasdaq Composite (COMP) to a new record high. This, despite mounting anxiety over tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting, where a production cut is anything but certain -- with non-OPEC producer Russia confirming it will not be in attendance.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 19,121.60) tacked on 23.7 points, or 0.1%. Thirteen of 30 Dow stocks settled higher, led by UnitedHealth Group Inc's (NYSE:UNH) 3.6% advance. Chevron Corporation (NYSE:CVX) paced the 17 blue-chip laggards, diving 1%.
The S&P 500 Index (SPX - 2,204.66) edged up nearly 3 points, or 0.1%. Elsewhere, the Nasdaq Composite (COMP - 5,379.92) bested its peers, adding 11.1 points, or 0.2%, and notching a record high of 5,403.86.
The CBOE Volatility Index (VIX - 12.90) slid 0.3 point, or 1.9%, settling just above its 10-day moving average.


5 Items on Our Radar Today
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Citing "an economy that is growing at a healthy pace," Fed Governor Jerome Powell said the
case for an interest rate hike has strengthened. However, he added that the economy still faces challenges, such as an aging population, which demand "policies that will support productivity and allow our dynamic economy to generate widespread gains in prosperity."
(CNBC)
- Donald Trump has reportedly appointed Elaine Chao as his transportation secretary, likely to be a huge player in the president-elect's infrastructure redevelopment plans. Chao previously served as secretary of labor under President George W. Bush, and is married to Senate Majority Leader Mitch McConnell. (CNN)
- Ahead of tomorrow's OPEC meeting, bearish options bettors bombarded a pair of oil ETFs.
- Despite Apple Inc.'s (NASDAQ:AAPL) shaky technical footing, bullish traders haven't been deterred.
- One brokerage firm is predicting fresh highs for these blue-chip bank stocks.


Data courtesy of Trade-Alert
Commodities:
Oil prices tanked amid skepticism toward OPEC's ability to reach a production-cut agreement at tomorrow's summit in Vienna, with Iraq and Iran reportedly resisting pressure to curtail output. January-dated futures lost $1.85, or 3.9%, to close at $45.23 per barrel.
The rising prospects of a Fed rate hike pressured gold futures. Specifically, gold for February delivery -- the most active futures contract -- gave back $3, or 0.3%, to settle at $1,190.80 per ounce.
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