S&P, Nasdaq Notch 6th Straight Gain as Traders Applaud Auto Sales

September car sales were helped by post-hurricane demand

Oct 3, 2017 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) rocketed to record highs out of the gate and didn't look back, securing a fifth straight win. In addition, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) extended their winning streaks to six days -- touching all-time highs of their own -- as traders cheered solid September auto sales, which got a boost from post-hurricane demand.

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

  • This market phenomenon could impact stocks in the fourth quarter. 
  • The buzz that had Advanced Micro Devices calls poppin'.
  • The drug stock that more than tripled today.
  • Plus, the tech stock flashing "buy"; GM's latest high; and the biotech stock that rallied on FDA optimism. 

The Dow Jones Industrial Average (DJIA - 22,641.67) touched a record intraday peak of 22,646.32, before ending with a gain of 84.1 points, or 0.4%. Verizon (VZ), Wal-Mart (WMT), and American Express (AXP) paced the 24 advancing blue chips, gaining 1% apiece, while Nike (NKE) led the laggards with an 0.8% drop.

The S&P 500 Index (SPX - 2,534.58) closed not far from its new all-time best of 2,535.13, gaining 5.5 points, or 0.2%. The Nasdaq Composite (IXIC - 6,531.71) tagged a record high of 6,532.17, and finished 15 points, or 0.2%, higher.
 
The CBOE Volatility Index (VIX - 9.51) snapped its five-session losing streak, ticking higher by 0.1 point, or 0.6%.

Closing Indexes Summary Oct 3
NYSE and Nasdaq Stats Oct 3

5 Items on Our Radar Today

  1. Google parent Alphabet is preparing to launch a self-driving car service that could rival Uber and Lyft. The launch date, however, is delayed until Waymo can resolve software safety issues -- specifically, a glitch that prevents the self-driving vans from making left turns in the absence of a green left turn arrow. (CNBC)
  2. Fiat Chrysler Automobiles recalled 710,000 sport utility vehicles over a braking installation concern for its 2011-14 Dodge Durango and Jeep Grand Cherokee models. In question are the cars' shields that were designed to prevent brake boosters from corroding. (Reuters)
  3. Why Adobe stock's dip could be a buying opportunity.
  4. The Tesla woes that fueled General Motors stock to another record high.
  5. The biotech stock that rallied on FDA optimism.


Earnings Chart Oct 3
Unusual Options Activity Oct 3
Data courtesy of Trade-Alert

Commodities

Crude futures dropped again today, as speculators worry about oversupply. November-dated oil futures ended with a loss of 16 cents, or 0.3%, at $50.42 per barrel.

A rising dollar pressured gold once again, this time to as low as $1,267.76 – a seven-week low. December-dated gold ended down $1.20, or 0.1%, at $1,274.60 an ounce.

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