The Nasdaq notched another record closing high
It was another risk-on session on Wall Street, as the Dow Jones Industrial Average (DJIA) traded higher from start to finish, notching its fourth straight win but falling short of the 22,000 level. The Nasdaq Composite (COMP) and S&P 500 Index (SPX) also extended their respective daily win streaks to five and six -- the SPX's longest since May -- with stocks shrugging off a seemingly disappointing nonfarm payrolls report for August. On the heels of tame inflation data, the tepid jobs report further dampened expectations for a Fed rate hike in December. Still, it was a solid week for U.S. stocks, with the Dow, S&P, and Nasdaq all closing higher -- though the upcoming Labor Day week could present headwinds, if past is precedent.
Continue reading for more on today's market, including:
- How Ambarella stock ended up near the bottom of the Nasdaq.
- Why this fertilizer stock could burn options traders.
- 2 booming casino stocks with cheap options.
- Plus, the stock crushing short sellers; auto stocks shine; and the drug stock that exploded today.
The Dow Jones Industrial Average (DJIA - 21,987.56) never broke below breakeven, adding 39.5 points, or 0.2%. All but seven Dow stocks closed in the black, with General Electric's 2.4% surge leading the way. United Technologies was the biggest loser, down 1.5% at the close. Fellow blue chip DuPont successfully merged with Dow Chemical, with the new entity -- DowDupont -- trading under the symbol DWDP on the New York Stock Exchange. The DJIA ended the week up 0.8%.
The S&P 500 Index (SPX - 2,476.55) added 4.9 points, or 0.2%. For the week, the SPX added 1.4%. The Nasdaq Composite (COMP - 6,435.33) closed up 6.7 points, or 0.1%, to notch another record closing high, bringing its weekly advance to 2.8%.
The CBOE Volatility Index (VIX - 10.13) fell 0.5 point, or 4.3%. The market's "fear gauge" gave back 10.2% this week.
5 Items on Our Radar Today
- Chief White House economic advisor Gary Cohn today told CNBC that he and Treasury Secretary Steven Mnuchin are sending Congress a "framework for what taxes need to look like," while also saying simplifying the tax code could result in higher taxes for the upper class. Cohn also dismissed the idea that today's jobs report was disappointing. (CNBC)
- In other political news, top Republicans and a handful of top U.S. executives are asking President Trump not to end Deferred Action for Childhood Arrivals, or DACA, created by President Obama. The act protects illegal immigrants brought to the U.S. as children from deportation. Trump said he'll have a decision in the coming days. (Bloomberg)
- The cybersecurity stock that crushed short sellers today.
- Inside today's rise in the Detroit "Big Three" auto stocks.
- Why this drug stock surged 60%.
Data courtesy of Trade-Alert
Commodities
While gasoline futures had a big week due to
Hurricane Harvey, crude oil futures fell for a fifth straight week. Specifically, October-dated crude picked up 6 cents, or 0.1%, today to end at $47.29 per barrel, but closed the week down 1.2%.
The tepid August jobs report gave gold a boost today, with the precious metal touching its highest point in nearly a year. Gold dated for December rose $8.20, or 0.6%, to settle at $1,330.40 per ounce. For the week, gold added 2.5%.