Stocks closed mostly higher, but upside was limited
The Dow Jones Industrial Average (DJIA) and its index peers were able to bounce back from yesterday's ugly session. Helping stocks advance was news of a deal among top Democrats and President Trump to raise the debt ceiling, shortly after House Speaker Paul Ryan called the proposed three-month extension "unworkable." Meanwhile, Hurricane Irma fears fueled an extended rise in crude oil futures, resulting in a broader energy sector rally. This -- along with strong gains from bank stocks -- helped lift the S&P 500 Index (SPX). And although the Nasdaq Composite (COMP) dipped into the red early on, the tech-heavy index managed to follow the Dow and SPX higher.
Continue reading for more on today's market, including:
- 2 travel stocks inviting options buyers.
- The big-name bank stock attracting heavy call volume.
- Why analysts are taking the ax to Hewlett Packard stock.
- Plus, put players pound cruise stocks; a big Apple bull note; and a surging drug stock.
The Dow Jones Industrial Average (DJIA - 21,807.64) picked up 54.3 points, or 0.3%, with 17 Dow components closing above breakeven. The biggest winner of this group was Home Depot (HD), which added 2.4%. Of the 12 losers, United Technologies (UTX) was the worst off, dropping 1.4%. Procter & Gamble (PG) finished flat.
The S&P 500 Index (SPX - 2,465.54) rose 7.7 points, or 0.3%. The Nasdaq Composite (COMP - 6,393.31) closed up 17.7 points, or 0.3%.
The CBOE Volatility Index (VIX - 11.63) dipped 0.6 point, or 4.9%.
5 Items on Our Radar Today
- Retailer Toys R Us could file for bankruptcy as it struggles to pay down debt due in 2018. The company has hired attorneys, and just last year was able to refinance some of its debt. (CNBC)
- T-Mobile has announced that customers with two lines on one of its unlimited plans will now get Netflix for free. The subscription will be for the standard $9.99 Netflix package. (USA Today)
- Why put players are pounding these cruise stocks.
- Apple's big bull note ahead of its iPhone 8 reveal.
- The drug news that had Sarepta Therapeutics stock soaring.
Data courtesy of Trade-Alert
Commodities
Oil prices again got a lift today as refineries in Harvey-stricken areas continue to reopen. October-dated crude futures were up 50 cents, or 1%, at the close to settle at $49.16 per barrel -- the highest close in roughly a month.
Relief surrounding potential congressional action on the debt ceiling eased the demand for gold today. By the close, gold futures dated for December dropped $5.50, or 0.4%, to end at $1,339 per ounce.