The DJIA closed higher for the first time in nine days amid a rally in financial shares
The Dow Jones Industrial Average (DJIA) snapped its longest losing streak in six years, as oil prices bounced, consumer confidence surged to a 16-year high, and home prices rose at the fastest pace since 2014. Booming bank stocks helped lift the Dow to a triple-digit win, after Fed Vice Chair Stanley Fischer said two more rate hikes this year seems to be "about right." Financial shares also buoyed the S&P 500 Index (SPX) to a win, while the Nasdaq Composite (COMP) gained ground -- thanks in part to a big day for Apple and Tesla stock.
Continue reading for more on today's market, including:
- The 25 best stocks to own in the second quarter.
- The oversold stock market signal flashing for the first time this year.
- How Facebook fired up Snap options traders.
- Plus, Lululemon ahead of earnings; bulls blast booming Panera Bread; and 3 solar stocks at risk of bigger losses.
Following a brief trek into the red at the open, the Dow Jones Industrial Average (DJIA - 20,701.50) spent nearly the entire session moving higher -- eventually settling up 150.5 points, or 0.7%, and snapping its eight-session losing streak. Twenty-seven of the Dow's 30 components gained ground, led by Apple stock's 2.1% pop. Johnson & Johnson paced the three decliners with its 0.1% loss.
The S&P 500 Index (SPX - 2,358.57) closed higher for the first time in four days, adding 17 points, or 0.7%. The Nasdaq Composite (COMP - 5,875.14), meanwhile, tacked on 34.8 points, or 0.6%, for its third straight win.
The CBOE Volatility Index (VIX - 11.53) retreated 1 point, or 7.8%.
-
While
Ford Motor shares rose on confirmation of a $1.2 billion investment in three Michigan plants -- touted in one of President Donald
Trump's tweets -- General Motors stock rose on reports the automaker rejected pressure from David Einhorn's Greenlight Capital. Specifically, the hedge fund urged
GM to split its common stock into two classes, a move General Motors said would create too much risk.
(Reuters)
-
Trump signed the "Energy Independence" executive order rolling back several
climate change initiatives put in place by the Obama administration. Among them is the reversal of a coal-leasing ban on federal lands.
(The New York Times)
- Lululemon stock has a history of making big post-earnings moves, and options traders are hoping the action is to the upside this time around.
- Call buying has picked up the pace on Panera Bread stock, which hit a record high in today's trading.
- Losses for these 3 solar stocks could widen as the sector heads into a historically bearish season.
Data courtesy of Trade-Alert
Commodities
News that a militia dispute shuttered oil pipelines in Libya helped lift crude oil prices today. At session's end, May-dated crude was up 64 cents, or 1.3%, at $48.37 per barrel.
Strong gains in the stock market dimmed gold's safe-haven appeal. By the close, gold for April delivery was down 10 cents at $1,255.60 an ounce.
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