Dow Jones Industrial Average Enjoys Record Highs, Weekly Win

Apple's Billion-Dollar Barrier

Feb 10, 2017 at 4:23 PM
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The Dow Jones Industrial Average (DJIA) spent the day trading at record highs, with traders still digesting yesterday's tax plan comments from U.S. President Donald Trump. In addition, Trump met with Japanese Prime Minister Shinzo Abe, and promised a continuation of the U.S. and Japan's "very, very deep" friendship and trade ties. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) also notched new intraday highs, with energy stocks once again getting a lift from rebounding oil prices. 

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

  • Apple Inc. (NASDAQ:AAPL) and 4 other stocks facing billion-dollar barriers. 
  • The pharmaceutical stock getting pounded by put players ahead of earnings.
  • How Trump could help these 2 auto stocks pad their pockets. 
  • Plus, one semiconductor stock looking at potential headwinds, the video game stock on the rise, and an Apple supplier in short sellers' crosshairs.

The Dow Jones Industrial Average (DJIA 20,269.37) notched yet another new all-time high of 20,298.21, and finished the day 0.5% higher, adding 98 points. Caterpillar Inc. (NYSE:CAT) led the 20 Dow leaders, with a gain of 2.5%, while The Coca-Cola Co (NYSE:KO) led the 10 losers, shedding 1.6%. For the week, the Dow gained 1%.

The S&P 500 Index (SPX - 2,316.10) also notched a new all-time high of 2,319.23. The SPX added  0.4%, or 8.2 points, for the day, and 0.8% for the week. The Nasdaq Composite (COMP - 5,734.13) also hit its own all-time best of 5,743.43, and finished up 19 points, or 0.3%, for the day, and up 1.2% for the week.

The CBOE Volatility Index (VIX - 10.85) fell fractionally, dropping 0.3% to end the week down 1.2%.

Indexes closing summary February 10
NYSE and NASDAQ stats February 10

5 Items on Our Radar Today

  1. Ford Motor Company (NYSE:F) announced that it will be investing $1 billion over the next five years into a tech startup that aims to develop self-driving technology. The startup, Argo AI, was founded by a former members of Alphabet Inc's (NASDAQ:GOOGL) and Uber's self-driving divisions, and hopes to have vehicles on the road by 2021. (CNBC)
  2. Fed Governor Daniel Tarullo announced he will retire in April, ahead of the anticipated 2022 expiration of his term. Tarullo, who began his post in 2009, helped craft the Dodd-Frank banking regulations. (Reuters)
  3. Could Advanced Micro Devices (NASDAQ:AMD) be looking at oncoming headwinds?
  4. Analyst: This video game stock is "becoming a story of multiple strong franchises."
  5. Why this outperforming Apple supplier is being targeted by short sellers.

Quarterly Earnings February 10
Unusual Options Activity February 10
Data courtesy of Trade-Alert

Commodities

March-dated crude futures rose 86 cents, or 1.6%, to finish at $53.86 per barrel, after the International Energy Agency (IEA) reported that the Organization of the Petroleum Exporting Countries (OPEC) members' crude output cuts were at 90% of the agreed volumes. For the week, oil prices eked out a 0.1% gain.

April-dated gold futures slipped for the second day in a row, dropping 90 cents, or 0.1%, to end at $1,235.90 per ounce. Expectations for President Trump's tax plan reveal, and chatter of a potential Fed interest rate hike, weighed on the precious metal. Despite today's drop, gold prices rose 1.2% for the week. Copper, meanwhile, skyrocketed to their highest point since May 2015, thanks to a mine strike in Chile and strong Chinese trade data.

Get your daily dose of Dow futures, stock news, and more with Schaeffer's Opening View.

 

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