Third Straight Record High for Dow Jones Industrial Average

The Signal Suggesting the Trump Rally Could Stall

Feb 13, 2017 at 4:25 PM

The Dow Jones Industrial Average (DJIA) spent the day trading higher, notching a new record high for the third straight day, and finishing with a triple-digit win. Investors are still eagerly awaiting details of the forthcoming tax plan recently touted by U.S. President Donald Trump, who today met with Canadian Prime Minister Justin Trudeau amid promises to strengthen trade relations. Traders are also looking ahead to a handful Fed speeches tomorrow, including testimony from Fed Chair Janet Yellen. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) also notched new all-time intraday highs, as finance and tech stocks took flight, with the SPX breaking through the $20 trillion market cap.

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

The signal suggesting the Trump rally could stall.
5 reasons we didn't trade United Parcel Service, Inc. (NYSE:UPS) stock options.
2 key technical levels options traders are watching for Vale SA (ADR) (NYSE:VALE) and Micron Technology, Inc. (NASDAQ:MU).
Plus, an "unlimited" price war, 2 solar stocks on deck for earnings, and the latest Icahn rumors.

The Dow Jones Industrial Average (DJIA - 20,412.16) notched an all-time high of 20,441.48, ending the day 0.7% higher, adding 142.8 points. Of the 25 Dow winners, Caterpillar Inc. (NYSE:CAT) enjoyed the biggest gains, adding 2.3%, while the five Dow losers were led by Verizon Communications Inc. (NYSE:VZ), which dropped 0.9%.

The S&P 500 Index (SPX - 2,328.25) also notched a new all-time high of 2,331.58, adding 0.5%, or 12.2 points, for the day. The Nasdaq Composite (COMP - 5,763.96) rounded out the all-time highs, tapping 5,770.99, and finishing the day with a gain of 0.5%, or 29.8 points.

The CBOE Volatility Index (VIX - 11.07) rose 0.2 point, or 2%.

Indexes closing summary February 13
NYSE and NASDAQ stats February 13

5 Items on Our Radar Today

DuPont (NYSE:DD) and Chemours Co (NYSE:CC) each agreed to pay $335.4 million to settle a personal injury lawsuit stemming from toxic chemical exposure accusations. CC and its former parent company, DD, both surged after news of the settlement broke, with CC touching a new record high. (MarketWatch)
According to unnamed sources, Burger King parent Restaurant Brands International Inc (NYSE:QSR) is reportedly pursuing Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI), sending the shares of the M&A target up 7.2%. (Reuters)
Icahn rumors had option bulls setting their sights on Gilead Sciences, Inc. (NASDAQ:GILD).
The "unlimited" price war weighing on these telecom stocks.
2 solar stocks to watch ahead of earnings.

Quarterly Earnings February 13
Unusual Options Activity February 13
Data courtesy of Trade-Alert

Commodities

March-dated crude futures fell 93 cents, or 1.7%, to end the day at $52.93 per barrel, as concerns about rising U.S. output weighed on oil prices. It was black gold's first loss in four sessions.

April-dated gold futures fell for the third straight session, shedding $10.10, or 0.8%, to close at $1,225.80 per ounce, pressured by a rising U.S. dollar and strong U.S. stock markets.

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