Stocks Enjoy Another Record-Setting Session as Earnings Ramp Up

Bouncing bank stocks helped boost the Dow

Katie Coburn
Oct 16, 2017 at 4:36 PM
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The Dow Jones Industrial Average (DJIA)S&P 500 Index (SPX), and Nasdaq Composite (IXIC) each scored fresh record highs, as traders expressed optimism about third-quarter earnings season. Along with Netflix (NFLX) earnings, which are rolling in right now, a handful of big-cap companies will report this week. At its intraday peak, the Dow was within 40 points of the 23,000 level, lifted by bouncing bank stocks.

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

  • The stock destroyed by wildfire accusations.
  • 2 bank stocks expected to make big earnings moves tomorrow.
  • Why options bulls need to watch Vale (VALE).
  • Plus, 2 chip stocks attracting bulls; unusual options volume ahead of Japan's snap election; and behind Groupon stock's latest upgrade.

The Dow Jones Industrial Average (DJIA - 22,956.96) hit a record high of 22,960.12 in early trading, ending with a gain of 85.2 points, or 0.4%. Leading the pack of 19 Dow gainers was JPMorgan Chase (JPM) with a 2.1% gain, while Wal-Mart Stores (WMT) paced the 11 losers with a 1% drop.

The S&P 500 Index (SPX - 2,557.64) touched a record high of its own at 2,559.47, before closing up 4.5 points, or 0.2%. The Nasdaq Composite (IXIC - 6,624.01) ended up 18.2 points, or 0.3%, after notching a record intraday high of 6,632.50.
 
The CBOE Volatility Index (VIX - 9.91) gained 0.3 point, or 3.1%.

Closing Indexes Summary Oct 16
NYSE and Nasdaq Stats Oct 16

5 Items on Our Radar Today

  1. Big-name telecoms T-Mobile and Sprint are expected to announce a merger agreement by the end of the month or early November, wrapping up weeks of M&A chatter that sent both stocks surging in September. In efforts to preserve their spectrum holdings, the agreement won't include any immediate asset sales. (Reuters)
  2. Ireland was put on lockdown today in response to storm damage brought on by Hurricane Ophelia. Three people have died and 450,000 homes and businesses are expected to lose power by tonight. (MarketWatch)
  3. Call buying is popping for these 2 chip stocks.
  4. Options traders are circling a Japan ETF ahead of this weekend's snap election.
  5. Behind Groupon stock's upgrade from Cowen and Company.


Corporate Earnings Oct 16
Unusual Options Activity Oct 16
Data courtesy of Trade-Alert

Commodities

Crude closed higher today, as Iraq's advance on oil-rich Kirkuk fueled concerns about production. November-dated oil futures ended with a gain of 42 cents, or 0.8%, at $51.87 per barrel.

Gold broke its two-day win streak; December-dated gold ended down $1.60, or 0.1%, at $1,303 an ounce. Meanwhile, palladium hit its highest price since February 2001, while copper surged to a three-year high on strong data out of China.


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