The Dow snapped a three-day losing streak today
The Dow Jones Industrial Average (DJIA) finished emphatically higher today, up triple digits, buoyed by strong earnings from McDonald's and Caterpillar. The S&P 500 Index (SPX) joined the Dow in the black, setting a record intraday high in the process. The Nasdaq Composite (COMP) enjoyed a win as well, also touching an all-time high, despite Google parent Alphabet's subpar earnings. Elsewhere, traders digested oil's biggest one-day gain this year, the by-a-nose Senate vote to debate an Obamacare repeal, and the CBOE Volatility Index (VIX) -- or the stock market's "fear gauge" -- falling to a 23-year low, and extending its record streak of single-digit closes.
Continue reading for more on today's market, including:
- The FAANG competition that sent this stock to new lows.
- How options traders are preparing for Facebook earnings.
- 2 sports stocks slammed by analysts.
- Plus, the big oil bounce; analyst attention for Apple; and the automaker about to report earnings.
The Dow Jones Industrial Average (DJIA - 21,613.43) added 100.3 points, or 0.5%. Of the 30 Dow stocks, 22 ended positive, led by a 5.9% gain for Caterpillar stock, its second-straight session leading the Dow. 3M Company was the biggest loser, dipping 5.1%.
The S&P 500 Index (SPX - 2,477.08) added 7.2 points, or 0.3%. It touched an intraday high of 2,481.24. The Nasdaq Composite (COMP - 6,412.17) added 1.4 points. It reached a new intraday high of 6,425.45
The CBOE Volatility Index (VIX - 9.43) broke even, but still ended below 10 for the ninth straight session, and touched a 23-year low of 9.04.
5 Items on Our Radar Today:
- Greece returned to the bond market for the first time in three years. The country -- once the talk of "Grexit" speculation -- priced 3 billion euros of new five-year bonds, at a 4.625% yield, and the well-received auction helped the euro muscle higher against the dollar. (Marketwatch)
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Chipotle has been put under scrutiny once again for the recent norovirus outbreak possibly being a result of an unenforced sick policy. A current employee, alleged through Reddit, said that although they were ill, they were forced to stay for their shift by a manager at a Missouri location. (CNBC)
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These options traders aren't buying the oil bounce.
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Analysts expect record highs for Apple stock.
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How options traders are playing this automaker's earnings.
Data courtesy of Trade-Alert
Commodities
Crude oil enjoyed another jump today -- its biggest one-day gain this year -- after Nigeria added itself to Saudi Arabia's promise to reduce oil output. September-dated oil futures rose 3.3%, or $1.55, settling at $47.89 a barrel.
Gold futures fell for the second day in a row -- the first consecutive losses in three weeks -- with August-dated gold ending $2.20, or 0.2%, lower at $1,252.10 per ounce. This fall comes just before a mid-week policy update is expected from the Fed.