Dow Jones Industrial Average Surpasses 22,000, Logs 7th Straight Win

Despite solid AAPL earnings, the Nasdaq ended a wishy-washy session in the red

Aug 2, 2017 at 4:28 PM
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The Dow Jones Industrial Average (DJIA) ended higher for a seventh straight session, surpassing 22,000 for the first time ever. Despite Apple's earnings boom, though, the tech-rich Nasdaq Composite (COMP) ended a wishy-washy session just south of breakeven. Outside of earnings, traders eyed the ADP private-sector employment report for clues ahead of Friday's government jobs data. In addition, President Donald Trump signed into law new sanctions on Russia, which Russian Prime Minister Dmitry Medvedev compared to launching a "full-scale trade war."

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

  • The biotech stock soaring to record highs.
  • Buy calls on these 2 bank stocks.
  • Why AMC Entertainment stock plummeted to a record low.
  • Plus, GoPro calls heat up ahead of earnings; FireEye stock stays hot; and the video game stock surrounded by pre-earnings optimism.

The Dow Jones Industrial Average (DJIA - 22,016.24) peaked at an all-time high of 22,036.10 in intraday trading, before settling with a gain of 52.3 points, or 0.2%. Fourteen of the Dow's 30 stocks ended higher, led by Apple's 4.7% rally. Walt Disney stock paced the losing majority, giving up 1.8%.

The S&P 500 Index (SPX - 2,477.57) eked out a win of 1.2 points, or 0.05%, after spending most of the session lower. The tech-heavy Nasdaq Composite (COMP - 6,362.65) peeked into positive territory only briefly, but ultimately closed with a fractional loss.

The CBOE Volatility Index (VIX - 10.23) advanced 0.19 point, or 1.9%. 

Closing Indexes Summary Aug 2
NYSE & Nasdaq Aug 2

5 Items on Our Radar Today

1. President Trump announced his support of a new GOP bill proposal that will cut legal immigration. The bill would focus on "merit-based" immigration -- favoring those with specific job skill sets, as opposed to those with biological and/or family connections. (CNBC)

2. Wells Fargo was subpoenaed by the New York Department of Financial Services at two locations for selling unneeded car insurance to hundreds of thousands of customers. This scandal is only the latest among more than a year's worth of issues for Wells Fargo. (Reuters

3. GoPro call options heat up ahead of earnings.

4. FireEye stayed hot after earnings beat.

5. Options traders have high hopes for this video game stock ahead of earnings.
 

Corporate Earnings Chart Aug 2
Unusual Options Activity Aug 2
Data courtesy of Trade-Alert

Commodities

Oil finished higher today, despite a smaller-than-expected drop in domestic crude inventories last week. September-dated oil futures settled up 43 cents, or 0.9%, at $49.59 per barrel. 

Gold futures ended lower today, as traders exercised caution ahead of Friday's payrolls report. Finishing on a loss of $1, December-dated gold closed at $1,278.40 per ounce.

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