Apple Helps Dow Jones Industrial Average, Nasdaq Higher

Markets Doing This for 2nd Time Since '99

May 2, 2017 at 4:26 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) struggled for upside for a second straight day, with traders exercising caution ahead of tomorrow's monetary policy decision from the Fed, though it's widely expected the central bank will keep rates unchanged. However, the Dow managed to close higher, as did the Nasdaq Composite (COMP), with the tech-rich index notching another all-time high early in the session, thanks to a strong pre-earnings session from Apple stock.  

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

  • The healthcare stock that exploded higher after earnings. 
  • The stock market just did this for the second time since 1999. 
  • Why options traders swarmed Valeant stock
  • Plus, analysts react to AMD's decline; M&A tech buzz; and short interest is surging on Ford stock. 

The Dow Jones Industrial Average (DJIA - 20,949.89) explored both sides of breakeven today, but ended up 36.4 points, or 0.2%, higher. Tech stocks led the 20 advancing blue chips, with Intel adding 1.8%, while Procter & Gamble paced the 10 losers with a 1% drop.

The S&P 500 Index (SPX - 2,391.17) eked out a gain of 2.7 points, or 0.1%. The Nasdaq Composite (COMP - 6,095.37) muscled higher in late-day trading, ending with a gain of 3.8 points, or 0.06%, after touching a record intraday high of 6,102.72.

After hitting a 10-year low below 10 yesterday, the CBOE Volatility Index (VIX - 10.59) moved 0.5 point, or 4.8%, higher.

stock market today
nyse and nasdaq stats may 2

5 Items on Our Radar Today:

  1. The digital currency Bitcoin reached a record high today, after roughly tripling in value over the past 12 months. Experts claim the surge is a result of strong demand out of Japan. (Reuters)
  2. Microsoft today released the latest version of its operating system, known as Windows 10 S. The tech giant also unveiled a new Surface laptop, and both products seem aimed toward the education market. (USA Today)
  3. How analysts reacted to AMD stock's post-earnings slide. 
  4. The internet stock that soared to new highs on M&A news
  5. Short interest is surging on Ford stock, which suffered after dismal U.S. auto sales. 

Corporate Earnings May 2
Unusual Options Activity May 2
Data courtesy of Trade-Alert

Commodities

Output concerns out of the U.S. and Libya weighed on oil prices today. By the close, crude futures dated for June fell $1.18, or 2.4%, to trade at $47.66 per barrel. 

Gold prices, on the other hand, bounced back from three-week lows to eke out a small win. June-dated gold futures settled up $1.50, or 0.1%, at $1,257 per ounce. 

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners