The Dow touched a fresh intraday record and notched a weekly win
The Dow Jones Industrial Average (DJIA) finished higher after trading on both sides of the aisle, touching a new record peakearlier in the day. However, the Dow was the only broad-market index to finish both the day and the week higher. Both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) closed the day lower and saw their three-week winning streaks snapped, weighed down by earnings misses from heavyweights like Amazon. Elsewhere, traders digested oil's best week of 2017, as well as in-line gross domestic product (GDP) data.
Continue reading for more on today's market, including:
- 2 must-buy FAANG stocks for August.
- The shocker that sent Starbucks stock reeling.
- Analyst: "Sell" this steel stock.
- Plus, the Dow stock at a new low; how to trade options in a low-volatility environment; and the solar stock near new highs.
The Dow Jones Industrial Average (DJIA - 21,830.31) added 33.8 points, or 0.2%, after reaching a new intraday high of 21,841.18. The Dow gained 1.2% for the week. Of the 30 Dow stocks, 15 ended in positive territory, led by a 1.9% rally for Chevron. Fellow oil stock Exxon Mobil was the biggest loser, dipping 1.5%.
The S&P 500 Index (SPX - 2,472.10) shed 3.3 points, or 0.1%. It finished down 0.01% for the week. The Nasdaq Composite (COMP - 6,374.68) dipped 7.5 points, or 0.1%. It shed 0.2% for the week.
CBOE Volatility Index (VIX - 10.29) closed up 0.2 point, or 1.8%. It added 10% for the week.
5 Items on Our Radar Today:
- White House budget director Mick Mulvaney said the repeal on Obamacare is still "very much alive," even after a "disappointing day." The latest repeal effort was blocked early Friday morning, but Mulvaney said he doesn't think the Senate can "go home without doing something." The Senate has already pushed back its recess to the third week of August. (CNBC)
- The U.S. Food and Drug Administration (FDA) announced that they have taken initiative to spend more time regulating the amount of nicotine used in cigarettes. Tobacco stocks took a drastic turn for the worse following the FDA announcement, which could put a dent in the $130 billion industry. (Bloomberg)
- The Dow stock that hit a new low.
- How to trade options in a low-volatility environment.
- The solar stock near new highs after earnings.
Data courtesy of Trade-Alert
Commodities
Finishing at their highest price since May, oil futures rallied for a fifth straight day. September-dated crude ended Friday up 1.4%, or 67 cents, at $49.71 per barrel, lifting their weekly gain to 8.6% -- crude's best week of 2017.
August-dated gold futures ended higher after reports of a missile test by North Korea. In addition, a lower dollar helped gold end Friday up 0.7%, or $8.40, at $1,268.40 an ounce -- a six-week high. The metal added 1.1% for the week.