Dow Jones Industrial Average Settles at New High; Oil Snaps Win Streak

Boeing Traders Brace for More Trump Turbulence

Dec 6, 2016 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) erased its earlier losses to post a third straight win and fresh record high, as bank stocks continued to outperform ahead of upcoming policy-setting meetings from the Federal Reserve and the European Central Bank (ECB). Stocks also digested a fresh round of economic data, including the latest reports on productivity, international trade, and factory orders. In fact, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) all managed to secure a win, even as crude oil snapped its four-day winning streak.

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

The Dow Jones Industrial Average (DJIA - 19,251.78) rose 35.5 points, or 0.2%, for its best close on record. Of the Dow's 30 components, 18 finished in the black, led by Goldman Sachs Group Inc (NYSE:GS), which rallied 1.2%. Nike Inc (NYSE:NKE) paced the losers with its 2.5% decline. 

The S&P 500 Index (SPX - 2,212.23) also closed higher, picking up 7.5 points, or 0.3%. The Nasdaq Composite (COMP - 5,333.00) closed up 24.1 points, or 0.5%. 

The CBOE Volatility Index (VIX - 11.79) shed 0.4 point, or 2.9%, for its first sub-12 settlement since Sept. 7.

Indexes summary December 6
NYSE and Nasdaq stats December 6

5 Items on Our Radar Today

  1. While CEO Tim Cook was boasting about Apple Watch sales, the Supreme Court was ruling against Apple Inc. (NASDAQ:AAPL) and in favor of rival Samsung. Specifically, the court ruled unanimously that Samsung only violated design patents on a part of its device, not the whole thing. The decision could save Samsung millions of dollars in damages. (CNET)
  2. Meanwhile, fellow tech giant Alphabet Inc (NASDAQ:GOOGL) was also in the news, after the company announced it will run entirely on renewable energy next year. The company said all of its data centers will be powered by wind and solar power some time next year, as well. (The New York Times)
  3. The bearish note that had Nike Inc (NYSE:NKE) running in reverse. 
  4. Options traders bet on an extended rally for Deutsche Bank AG (USA) (NYSE:DB). 
  5. Chipotle Mexican Grill, Inc. (NYSE:CMG) has "yet to regain credibility with the consumer," according to this brokerage firm

Quarterly earnings December 6

Unusual options activity December 6
Data courtesy of Trade-Alert

Commodities:

Oil prices fell for the first time in five days, as traders expressed doubt about the Organization of the Petroleum Exporting Countries' (OPEC) recent production agreement. By the close, January-dated crude was down 86 cents, or 1.7%, at $50.93 per barrel. 

Gold futures also fell today, amid a strengthening dollar and increased rate-hike chatter. Gold set for February delivery gave back $6.40, or 0.5%, to close at $1,170.10 per ounce. 

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