The DJIA rebounded in spite of steep losses from CSCO
After suffering its worst session in months, the Dow Jones Industrial Average (DJIA) was able to bounce back today, despite an ugly earnings reaction from Cisco Systems and lingering concerns surrounding President Donald Trump's ability to push through his agenda. A strong post-earnings showing from Wal-Mart stock and a big day from tech stocks helped fuel the rally for the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP), while the equity market also benefited from upbeat economic data. In the meantime, the dollar surged, which pressured gold futures lower for the first time in seven days, while the CBOE Volatility Index (VIX) also retreated.
Continue reading for more on today's market, including:
- 2 Brazil stocks that got obliterated today.
- Breaking down the surge in SPY options trading.
- Why these restaurant stocks could keep the sector's rally alive.
- Plus, the automaker on regulators' radar; Shake Shack's latest bull note; and another retail stock getting creamed.
The Dow Jones Industrial Average (DJIA - 20,663.02) managed a 56.1-point, or 0.3%, gain, despite a slow start. However, the Dow closed below its 50-day moving average for a second straight session. Wal-Mart led the 18 Dow winners with a 3.2% gain, while Cisco shares suffered a 7.2% setback to pace the 12 losers.
The S&P 500 Index (SPX - 2,365.72) picked up 8.7 points, or 0.4%. The Nasdaq Composite (COMP - 6,055.13) rose 43.9 points, or 0.7%.
The CBOE Volatility Index (VIX - 14.66) shed 0.9 point, or 6%.
5 Items on Our Radar Today:
- A car went speeding off the road in Times Square today, killing at least one person and injuring more than 20. The driver, who reportedly has two prior arrests for drunk driving, has been taken into custody. (Reuters)
- The Federal Communications Commission (FCC) today voted 2-to-1 to begin rolling back net neutrality rules. The vote sets the stage for a final vote later in the year. (Bloomberg)
- The regulatory concerns that sent this car stock spiraling.
- Analysts: Shake Shack stock is "attractive at current levels."
- The retail stock at 17-year lows after earnings.
Data courtesy of Trade-Alert
Commodities
Oil prices ticked higher once again today, with traders expecting extended production cuts after next week's meeting of global oil producers. June-dated crude futures ended the session up 28 cents, or 0.6%, at $49.35 per barrel.
Gold snapped its six-session win streak today, as stocks recovered and the dollar gained. June-dated gold fell $5.90, or 0.5%, to end at $1,252.80 per ounce.