Dow Jones Industrial Average Jumps Triple Digits as Energy Stocks Rally with Oil

This Stock Could Crush Bears Next Week

May 19, 2017 at 4:28 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) enjoyed a triple-digit gain today, as Wall Street's attention shifted from the recent political drama to corporate earnings. Strong quarterly results from Deere gave stocks an early jolt, and provided a big lift to Dow component Caterpillar stock. Rising oil prices also added to the bullish backdrop, ahead of next week's Organization of the Petroleum Exporting Countries (OPEC) meeting. As such, energy stocks led the S&P 500 Index (SPX) higher, and the tech-heavy Nasdaq Composite (COMP) also moved into the black. The Dow still closed the week in the red, as today's gains weren't enough to overcome Wednesday's huge sell-off

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

  • Why this cybersecurity stock continues to sink. 
  • Analysts are "warming up" to Valeant stock
  • This retail stock could crush bears next week. 
  • Plus, the cloud stock that exploded today; the bull case for Microsoft; and Weight Watchers does it again. 

The Dow Jones Industrial Average (DJIA - 20,804.84) rose 141.8 points, or 0.7%, to close back above its 50-day moving average. Twenty-six of 30 Dow components closed above breakeven. Aside from Caterpillar's 2.2% gain, GE had a big day, adding 2.1%. Cisco Systems, meanwhile, underperformed again, losing 0.5%. The Dow closed the week down 0.4%. 

The S&P 500 Index (SPX - 2,381.73) added 16 points, or 0.7%, and the Nasdaq Composite (COMP - 6,083.70) picked up 28.6 points, or 0.5%. The indexes finished the week with respective losses of 0.4% and 0.6%. 

The CBOE Volatility Index (VIX - 12.04) shed 2.6 points, or 17.8%. Still, the "fear gauge" added 15.8% for the week. 

Closing Indexes Summary May 19
NYSE and Nasdaq Stats May 19


5 Items on Our Radar Today:
  1. Ride-hailing company Uber has launched Uber Freight, as the private firm tries to enter the trucking business. The app is for truck drivers looking to connect with shipping companies. (USA Today)
  2. Amazon is preparing to bring its checkout-free grocery stores -- Amazon Go -- to Europe. Potential slogans for the business were just trademarked in the U.K. (Bloomberg)
  3. Analysts were rushing to raise their outlooks on this booming cloud stock
  4. Why it might be time to buy Microsoft call options
  5. Inside another huge day for Weight Watchers stock.  

Corporate Earnings May 19
Unusual Options Activity May 19
Data courtesy of Trade-Alert

Commodities

Oil prices continued their recent rally today, as traders prepare for next week's OPEC meeting. June-dated crude futures finished up 98 cents, or 2%, at $50.33 per barrel -- the highest close in roughly a month. Oil added 5.2% for the week. 

Despite the stock rally, gold prices also rose today. June-dated gold futures closed with an 80-cent, or 0.06%, win to land at $1,253.60 per ounce. This brings gold's weekly gain to 2.1%. 

 

Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.


Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!

 

 
 
 


 
 

Rainmaker Ads CGI