The stock market went on a wild ride as Wall Street digested Comey's testimony
It was a wild ride on Wall Street today, with the Dow Jones Industrial Average (DJIA) rallying to a record high as stocks reacted to former FBI Director James Comey's public testimony in front of the Senate Intelligence Committee. The Dow went on to explore negative territory, before eventually eking out a win. It was a similar set-up on the Nasdaq Composite (COMP), which closed at an all-time peak, while the S&P 500 Index (SPX) came within one point of its record high. Traders are now looking ahead to the results of the U.K. snap election, with exit polls expected to start trickling in around 5 p.m. ET.
Continue reading for more on today's market, including:
- What caused Alibaba stock to shatter its all-time high.
- Why Yahoo options volume exploded today.
- Buy these stocks before Fed week.
- Plus, Nordstrom's big day; 2 outperforming stocks hit with downgrades; and the gold stock that could break out.
The Dow Jones Industrial Average (DJIA - 21,182.53) topped out at a record intraday high of 21,265.69, before settling with an 8.8-point, or 0.04%, gain. Twelve Dow stocks closed higher, led by 1.4% gains for Caterpillar and Goldman Sachs. Disney's 1.5% drop paced the 16 decliners, while Cisco Systems and Visa were unchanged.
The S&P 500 Index (SPX - 2,433.79) added 0.7 point, while the Nasdaq Composite (COMP - 6,321.76) closed up 24.4 points, or 0.4%, after hitting an all-time peak of 6,324.06.
The CBOE Volatility Index (VIX - 10.16) gave back 0.2 point, or 2.2%.
5 Items on Our Radar Today:
- Yahoo shareholders today approved the sale of the company's core internet business to Verizon Communications Inc. (NYSE:VZ). Following the vote, reports began circulating that VZ is planning to cut over 2,000 jobs as the companies merge into a new media unit to be called Oath. (CNBC)
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The Fed's U.S. household wealth figures for the first quarter were released today, with net worth for households and non-profit organizations ticking up 2.5% to $94.8 trillion. This trend could support economic growth. (Bloomberg)
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See why Nordstrom stock popped.
- Despite impressive long-term price action, these 2 stocks were hit with downgrades.
- Check out this gold stock that could break out.
Data courtesy of Trade-Alert
Commodities
Oil fell today for the second straight session, on continued concern of a domestic supply glut. July-dated crude futures closed down 0.2%, or 8 cents, to settle at $45.64 per barrel -- the lowest settlement since May 4.
Gold took a hit, after the European Central Bank's (ECB) policy decision boosted the U.S. dollar. August-dated gold dropped $13.70, or 1.1%, to settle at $1,279.50 an ounce.