Dow Jones Industrial Average Nabs All-Time High; Focus Turns to Fed

Tech Slump May Have Been a 'Buy' Signal

Jun 13, 2017 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) bolted into record-high territory today, as tech stocks staged a recovery after two days in the red. The rebound also helped to lift the Nasdaq Composite (COMP) out of the doldrums, following the index's worst two-day rout of 2017, and the S&P 500 Index (SPX) managed an all-time closing high. Investors seemingly shrugged off the testimony of Attorney General Jeff Sessions -- chock-full of denials about Russian ties -- and bank stocks and bond yields enjoyed a lift ahead of tomorrow's conclusion of the Fed's June meeting, with Janet Yellen & Company widely expected to announce a rate hike.

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

  • Why the tech slump may have been a "buy" signal.
  • The lower guidance that cut into Cheesecake Factory stock.
  • How one options trader is betting on a post-Fed dip for housing stocks.
  • Plus, a surging textile stock; Goodyear's potential; and 3 stocks the victim of downgrades.

The Dow Jones Industrial Average (DJIA - 21,328.47) peaked at a record high of 21,332.77, before settling on a gain of 92.8 points, or 0.4%. DuPont stock led the 22 advancing blue chips, adding 2.1%, while General Electric paced the eight laggards with a 1.7% pullback.

The S&P 500 Index (SPX - 2,440.35) added nearly 11 points, or 0.5%, to lock in a new all-time closing high. The Nasdaq Composite (COMP - 6,220.37) outperformed its peers on a percentage basis, rebounding 44.9 points, or 0.7%.

The CBOE Volatility Index (VIX - 10.42) staged a retreat, as traders whet their appetites for risk. By the close, the "fear gauge" was down 1 point, or 9.1%.

Closing Indexes Summary June 13
NYSE and Nasdaq Stats June 13

5 Items on Our Radar Today:
  1. Apple offered a $1 billion green bond designed to promote financing clean energy projects. It's the first green bond offered since President Trump backed out of the Paris climate agreement. (Reuters)
  2. Dana Shell Smith, the U.S. ambassador to Qatar, will resign this month, ending her three-year run. The timing of the resignation is precarious, given the tensions between Qatar and several other Middle Eastern countries. (CNBC)
  3. This textile stock was the darling of Wall Street today.
  4. Check out why Goodyear stock could continue to climb.
  5. Downgrades cut into these 3 stocks.

Unusual Options Activity June 13
Data courtesy of Trade-Alert

Commodities

Oil shot up again today for a third straight session, despite a monthly report showing increased production from the Organization of the Petroleum Exporting Countries (OPEC) in May. July-dated crude futures rose 38 cents, or 0.8%, to $46.46 per barrel. 

Gold fell for the fifth straight day, as traders braced for the likely Fed decision to raise interest rates. August-dated gold futures fell 30 cents, or 0.1%, to settle at $1,268.60 an ounce. 

 

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