Dow Jones Industrial Average Ends Week With Record Win; S&P Nabs Best Win Streak Since '14

The 20 Best Stocks for Quadruple Witching Expiration Week

Dec 9, 2016 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) climbed steadily throughout the day, notching a fresh record high and a fifth straight daily and weekly win. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) followed suit, stretching their daily win streaks to six -- the longest for the SPX since June 2014 -- and hitting their own all-time highs. The risk-on attitude was bolstered by a standout consumer sentiment survey and rising oil prices, which helped stocks continue their Trump-induced rally. Now, traders' attention turns squarely to next week's Federal Reserve policy-setting meeting, where expectations are near-unanimous that the central bank will announce an interest rate hike. 

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

The Dow Jones Industrial Average (DJIA - 19,756.85) rallied 142 points, or 0.7%, for its best close ever. Twenty-six of 30 Dow stocks closed with gains, led by 2.5% pops from The Coca-Cola Co (NYSE:KO) and Pfizer Inc. (NYSE:PFE). The biggest loss came from Caterpillar Inc. (NYSE:CAT), which dropped 0.8%. For the week, the blue-chip index gained 3.1%. 

The S&P 500 Index (SPX - 2,259.53) picked up 13.3 points, or 0.6%, and the Nasdaq Composite (COMP - 5,444.50) closed up 27.1 points, or 0.5%. The SPX added 3.1% for the week, while the COMP rose 3.6%. 

The CBOE Volatility Index (VIX - 11.75) shed 0.9 point, or 7% -- to settle at its lowest point since Aug. 19 -- bringing its weekly deficit to 16.8%. 

Indexes closing summary December 9
NYSE and Nasdaq summary december 9

5 Items on Our Radar Today

  1. President Obama has asked government intelligence agents to investigate how cyberattacks launched by foreign governments may have affected the 2016 presidential election. Obama wants the findings to be delivered to him before he leaves office in January. (Reuters)
  2. Shares of Coca-Cola rallied today, after the company announced an executive shake-up. Specifically, CEO Muhtar Kent will step down next May, and be replaced by President and Chief Operating Officer James Quincey.  (USA Today)
  3. The $14 billion M&A buzz that had Twenty-First Century Fox Inc (NASDAQ:FOXA) options in high demand. 
  4. How a concerning holiday sales outlook sent this retail stock spiraling. 
  5. The Macau news that had Las Vegas Sands Corp. (NYSE:LVS) call options booming

Quarterly earnings December 9

Unusual options activity December 9
Data courtesy of Trade-Alert

Commodities:

Oil prices gained for a second straight day ahead of the Organization of the Petroleum Exporting Countries' (OPEC) weekend meeting. January-dated crude futures added 66 cents, or 1.3%, to close at $51.50 per barrel. Oil closed the week down 0.4%.

Expectations for an impending rate hike from the Fed pressured gold prices once again. By the close, February-dated gold was down $10.50, or 0.9%, to land at $1,161.90 per ounce. Gold finished the week down 1.1% -- its fifth consecutive week-over-week drop.

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