Dow Jones Industrial Average Makes It 3 in a Row, Longest Stretch in 3 Months

2 Tech Stocks That Could Take Off

May 22, 2017 at 4:29 PM
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It was another day of buying on Wall Street, with the Dow Jones Industrial Average (DJIA)S&P 500 Index (SPX), and Nasdaq Composite (COMP) all closing higher for a third straight session. In fact, it was the Dow's first three-day advance since late February. Stocks were again buoyed by rising oil prices, with crude futures closing at their highest point in a month ahead of this Thursday's Organization of the Petroleum Exporting Countries (OPEC) meeting. Investors are also keeping tabs on President Donald Trump's first foreign trip, as a weapons deal with Saudi Arabia had defense stocks rallying out of the gate.

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

  • Why analysts are bullish on these 2 Dow stocks
  • The "very surprising" drug trial results that sank this healthcare stock. 
  • 2 tech stocks that could take off. 
  • Plus, options traders shift gears on a defense stock; a "very attractive opportunity" in tech; and why it's time to consider Netflix options. 

The Dow Jones Industrial Average (DJIA - 20,894.83) held steady throughout the day for a 90-point, or 0.4%, win. Of the Dow's 30 components, 22 closed with gains, with Boeing stock the biggest blue-chip winner, up 1.6%. Pfizer shares had the worst day, falling 1%. 

The S&P 500 Index (SPX - 2,394.02) ended up 12.3 points, or 0.5%, and the Nasdaq Composite (COMP - 6,133.62) rose 49.9 points, or 0.8%. 

The CBOE Volatility Index (VIX - 10.93) gave back 1.1 point, or 9.2%, to close back below its 20-day moving average. 

Closing Indexes Summary May 22
NYSE and Nasdaq Stats May 22


5 Items on Our Radar Today:
  1. The digital currency Bitcoin continues to soar, breaking above the $2,200 level to hit record highs. According to CNBC, buying $100 worth of Bitcoin in May 2010 would have netted an investor $75 million. (CNBC)
  2. Former national security adviser Michael Flynn will reportedly not comply with a Senate subpoena, and will instead invoke the Fifth Amendment. However, the same reports suggest Flynn will cooperate if a deal can be struck to keep him from being convicted. (MarketWatch)
  3. How options traders suddenly shifted gears on this defense stock. 
  4. The cloud stock analysts are calling a "very attractive opportunity." 
  5. It looks like a great time to buy options on Netflix stock.

Corporate Earnings May 22
Unusual Options Activity May 22
Data courtesy of Trade-Alert

Commodities

Oil prices once again enjoyed a positive trading session, as confidence over a potential supply cut continues to build ahead of this week's OPEC meeting. July-dated crude -- the most popular contract -- ended up 46 cents, or 0.9%, at $51.13 per barrel, which is oil's best finished in over a month. 

Gold prices also moved higher today, as the dollar weakened. Gold set for June delivery closed up $7.80, or 0.6%, at $1,261.40 per ounce. 

 

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