Dow Jones Industrial Average Extends Win Streak as Oil Stays Hot

A Risky 6-Figure Trade on Oil

May 23, 2017 at 4:26 PM
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It was another ho-hum day on Wall Street, though the Dow Jones Industrial Average (DJIA) managed a fourth straight win. Stocks again took their cues from oil prices, which continued to rise ahead of Thursday's OPEC meeting. Meanwhile, traders digested President Donald Trump's budget proposals for the next fiscal year, and kept an eye on emerging details surrounding last night's deadly terrorist attack in Manchester. Like the Dow, the S&P 500 Index (SPX) notched a fourth straight win -- a feat also matched by the Nasdaq Composite (COMP).

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

  • One USO speculator's risky trade ahead of this week's OPEC meeting.  
  • The Apple agreement that had Nokia stock rallying. 
  • Goldman: This energy stock is an "attractive M&A target." 
  • Plus, the tech stock that left short sellers reeling; the bullish case for a big-name hotelier; and 3 stocks making massive moves. 

The Dow Jones Industrial Average (DJIA - 20,937.91) picked up 43.08 points, or 0.2%, with 19 of 30 Dow components closing higher. The biggest winner was Goldman Sachs, which added 1.7%. Home Depot stock had the worst day, settling 0.7% lower. 

The S&P 500 Index (SPX - 2,398.42) added 4.4 points, or 0.2%. The Nasdaq Composite (COMP - 6,138.71) closed up 5.1 points, or 0.08%. 

The CBOE Volatility Index (VIX - 10.72) lost 0.2 point, or 1.9%, to collect its fourth straight daily drop.

Closing Indexes Summary May 23
NYSE and Nasdaq Stats May 23


5 Items on Our Radar Today:
  1. British police suspect that 22-year-old Salman Abedi was the suicide bomber behind last night's deadly attacks in Manchester. Abedi was reportedly born in Manchester, though few additional details were released about him. (Reuters)
  2. Former CIA Director John Brennan today told the House intelligence committee that Russia actively contacted members of President Trump's campaign during the 2016 election. Brennan stopped short of describing the activity as "collusion." (CNN)
  3. The IT stock that has short sellers running scared. 
  4. Why Marriott stock could keep rising on the charts. 
  5. Behind today's big moves in AAP, CERS, and ETRM. 

Corporate Earnings May 23
Unusual Options Activity May 23
Data courtesy of Trade-Alert

Commodities

Oil prices gained for a fifth straight day amid hopes for extended output cuts. July-dated crude futures rose 34 cents, or 0.7%, to $51.47 per barrel. 

Gold futures struggled today, as the dollar stabilized. June-dated gold ended down $5.90, or 0.5%, at $1,255.50 per ounce. 

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