The DJIA, SPX, and COMP all surged higher, shrugging off a biotech beatdown and sliding oil prices
The Dow Jones Industrial Average (DJIA) shrugged off a slow start to settle up nearly 298 points, notching a record high once again. The S&P 500 Index (SPX) followed suit with an all-time high of its own, as stocks rallied ahead of tomorrow's European Central Bank (ECB) meeting, with next week's Federal Reserve meeting also in focus. Even the Nasdaq Composite (COMP) stormed higher -- despite heavy losses among biotechs, which sold off after President-elect Donald Trump was quoted as saying he was "going to bring down drug prices" -- and crude futures breached the critical $50 level. Still, the Dow ended higher for a third straight day, while the SPX and COMP stretched their daily win streaks to four.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 19,549.62) exploded for a 297.8-point, or 1.6%, record-setting win -- its third straight. All but three Dow components closed in the black. Leading the 27 winners was Nike Inc (NYSE:NKE), adding 3%. Of the three losers, Pfizer Inc. (NYSE:PFE) gave back the most, dropping 1.2%.
The S&P 500 Index (SPX - 2,241.35) also jumped to its best close on record, adding 29.1 points, or 1.3%. The Nasdaq Composite (COMP - 5,393.76) tacked on 60.8 points, or 1.1%.
The CBOE Volatility Index (VIX - 12.22) also closed higher, picking up 0.4 point, or 3.7%.

5 Items on Our Radar Today
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The top executives at Time Warner Inc (NYSE:TWX) and AT&T Inc. (NYSE:T) addressed members of Congress today in an effort to win support for their
proposed $85 billion merger. Randall Stephenson, CEO of T, and TWX CEO Jeffrey Bewkes were joined by billionaire Mark Cuban, to make the case that the deal would not eliminate competition, but would
"disrupt the existing pay-TV model." (USA Today)
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President-elect Donald Trump was named
Time Magazine's "Person of the Year" for his historic presidential campaign. Trump beat out Democratic rival Hillary Clinton, as well as pop star Beyonce.
(Reuters)
- How Donald Trump may have sparked a mad dash for Twitter Inc (NYSE:TWTR) call options.
- The telecom stock that surged on renewed M&A buzz.
- 2 copper stocks with room to run.


Data courtesy of Trade-Alert
Commodities:
Oil prices took a dive, as a larger-than-forecast increase in gasoline stockpiles overshadowed a bigger-than-expected drop in crude inventories. By the close, January-dated crude futures were down $1.16, or 2.3%, at $49.77 per barrel.
Gold futures, on the other hand, gained amid a cooling U.S. dollar. Gold dated for February delivery settled up $7.40, or 0.6%, at $1,177.50 per ounce.
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