Late-Day Burst Sends Dow Jones Industrial Average, S&P, Nasdaq to New Highs

The 25 Worst Stocks for Presidents Day Week

Feb 17, 2017 at 4:26 PM
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In a last-minute burst of buying power, the Dow Jones Industrial Average (DJIA) extended its win streak to seven -- notching another record closing high -- as a surge in telecommunications stock Verizon Communications Inc. (NYSE:VZ) overshadowed a sharp drop for insurance concern UnitedHealth Group Inc (NYSE:UNH). The S&P 500 Index (SPX) and Nasdaq Composite (COMP) managed to snag wins -- and settle at their highest points ever -- as stocks rose amid M&A-induced gains for Kraft Heinz Co (NASDAQ:KHC). What's more, all three major U.S. benchmarks scored impressive weekly advances ahead of the long holiday weekend.

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

  • The 25 worst stocks for Presidents Day week.
  • 12 reasons Tesla Inc (NASDAQ:TSLA) and Baidu Inc (ADR) (NASDAQ:BIDU) could rally after earnings, according to Schaeffer's Senior Equity Analyst Joe Bell, CMT.
  • Option traders have bought calls on this bond ETF at an extreme pace.
  • Plus, a new partnership for Mattel, six levels to watch on XLF, and TrueCar shorts get thrown for a loop.

The Dow Jones Industrial Average (DJIA 20,624.05) finished up 4.3 points, or 0.02%, bringing its weekly gain to 1.7%. Of the 30 Dow stocks, 20 finished higher, with VZ's 1.5% gain leading the way, tacking on 1.5%. Meanwhile, nine Dow losers were led by UNH, which slid 3.7%. Pfizer Inc. (NYSE:PFE) finished flat.

The S&P 500 Index (SPX - 2,351.16) eked out a gain of 3.9 points, or 0.2%, while the Nasdaq Composite (COMP - 5,838.58) gained 23.7 points, or 0.4%. For the week, the SPX and COMP added 1.5% and 1.8%, respectively.

The CBOE Volatility Index (VIX - 11.49) settled down 0.3 point, or 2.3%, bringing its weekly loss to 5.9%.

Closing indexes summary feb 17
NYSe and Nasdaq Stats Feb 17

5 Items on Our Radar Today

  1. President Donald Trump toured Boeing Co's (NYSE:BA) South Carolina factory. Trump spoke to workers at the facility, emphasizing how his administration's approach to trade and the economy would help reduce regulations and create jobs. Following his speech, President Trump received a tour of BA's newest jet, the 787-10 Dreamliner. (USA Today)
  2. Japan's Softbank Group is reportedly flirting with the idea of surrendering control of Sprint Corp (NYSE:S) to Deutsche Telekom's T-Mobile US Inc (NASDAQ:TMUS) in order to ensure a successful merger of the two wireless carrier companies. However, strict U.S. Federal Communications Commission (FCC) rules has prevented Softbank from directly approaching Deutsche Telekom about the matter so far, according to sources. (Yahoo! Finance)
  3. Option bulls circled Mattel, Inc. (NASDAQ:MAT) on news of a strategic partnership with China's Babytree.
  4. 6 key levels to watch on Financial Select Sector SPDR Fund (XLF).
  5. How TrueCar Inc (NASDAQ:TRUE) short sellers took one on the chin after earnings.

corporate earnings feb 17
Unusual Options activity feb 17

Data courtesy of Trade-Alert


March-dated crude futures added 4 cents to end the week at $53.40 per barrel, but shed 0.9% on the week -- its first weekly decline since mid-January. Hopes that Organization of the Petroleum Exporting Countries (OPEC) members and non-members would extend their output cut agreement longer than the initial June cutoff helped push black gold into positive territory for the day, but a fifth straight weekly rise in the U.S. rig count kept a lid on gains.

April-dated gold futures dropped $2.50, or 0.2%, to close at $1,239.10 an ounce, as the U.S. dollar strengthened. Gold futures tacked on 0.3% for the week -- its third straight weekly win. 

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



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