S&P Notches Record Close; Dow Jones Industrial Average Grabs Another Win

The Dow Jones Industrial Average (DJIA) grinded higher for a fifth straight win, topping the 21,000 level, as investors digested minutes from the Fed's May meeting. Specifically, most Federal Open Market Committee (FOMC) members felt the next rate hike should come "soon," and agreed to begin unwinding the central bank's balance sheet. Stocks also shrugged off another round of weak housing data and a drop in oil prices, with attention now turning to tomorrow's Organization of the Petroleum Exporting (OPEC) meeting. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) followed the Dow higher, with the SPX notching an all-time closing high. 

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

• 3 industrial stocks with cheap options.  
• Why analysts don't expect much earnings volatility for this tech stock next week. 
• Behind the crazy options volume on red-hot BlackBerry stock.
• Plus, the retail stock crushing shorts; pre-earnings options trading on GameStop; and the $4 billion Nvidia news. 
  

The Dow Jones Industrial Average (DJIA - 21,012.42) rose 74.5 points, or 0.4%, to close near session highs. Of the Dow's 30 components, 17 closed higher, led by Goldman Sachs' 1.9% rise. General Electric, meanwhile, fell 1.6% to pace the losers. 

The S&P 500 Index (SPX - 2,404.39) added 6 points, or 0.3%, for its best close on record. The Nasdaq Composite (COMP - 6,163.02) picked up 24.3 points, or 0.4%.

The CBOE Volatility Index (VIX - 10.02) fell 0.7 point, or 6.5%. 

1. Police in Libya have reportedly arrested the father and brother of the Manchester bomber Salman Abedi. Meanwhile, Manchester police also arrested four other people which may be part of a broader "network." (USA Today)
2. In an interview with Reuters, Senate Majority Leader Mitch McConnell expressed doubt that the Senate could pass the Obamacare replacement bill. However, McConnell -- a Kentucky Republican -- said the chances for tax reform are "pretty good." (Reuters)
3. How this retail stock crushed short sellers. 
4. Call buyers are swarming GameStop stock ahead of earnings. 
5. The $4 billion news that boosted Nvidia stock. 

Data courtesy of Trade-Alert

Commodities

Oil prices gave back some of their recent gains today, ahead of tomorrow's OPEC meeting, as traders digested a smaller-than-expected drop in U.S. gasoline stockpiles. Crude inventories, meanwhile, fell by more than expected last week. Oil for July delivery closed down 11 cents, or 0.2%, at $51.36 per barrel. 

Gold futures also fell today, as traders digested the Fed's meeting minutes that suggested a June rate hike was a strong possibility. Gold dated for June delivery closed down $2.40, 0.2%, at $1,253.10 per ounce.