U.S. Stocks End Mixed After a Quick Trip Up to Dow 23K

The Dow topped 23,000 for the first time ever in early trading today

Katie Coburn
Oct 17, 2017 at 4:29 PM
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The Dow Jones Industrial Average (DJIA) topped the 23,000 level for the first time in early trading today, thanks to strong earnings from components Johnson & Johnson (JNJ) and UnitedHealth Group (UNH). Traders also cheered reports of a bipartisan healthcare agreement, which could help to preserve the Obamacare subsidies that President Trump put on the chopping block last week. However, despite the Dow's record-shattering day, it wasn't an all-out win for Wall Street.

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

  • As Black Monday turns 30, here's the surprising truth about the S&P's post-crash returns.
  • The investment banking stock that soared to nine-year highs.
  • Why eBay bears could be in for a post-earnings shock.
  • Plus, the retail stock luring in call buyers; an inside look at FCX's latest downgrade; and a down day for gold futures.

The Dow Jones Industrial Average (DJIA - 22,997.44) hit a record high of 23,002.20 in early trading, ending with a gain of 40.5 points, or 0.2%. Leading the pack of 14 Dow gainers was UNH with a 5.5% gain, followed by JNJ's 3.4% pop. Meanwhile, Goldman Sachs (GS) paced the 16 losers with a 2.6% post-earnings drop.

The S&P 500 Index (SPX - 2,559.36) touched a record high of its own at 2,559.71, before closing up 1.7 points, or 0.06%. The Nasdaq Composite (IXIC - 6,623.66) ended down 0.4 point, or 0.01%.
 
The CBOE Volatility Index (VIX - 10.31) gained 0.4 point, or 4%, ahead of tomorrow's VIX options expiration.

Closing Indexes Summary Oct 17
NYSE and Nasdaq Stats Oct 17

5 Items on Our Radar Today

  1. PayPal announced that customers will be able to use its mobile payment application, Venmo, to purchase online goods from more than 2 million U.S. retailers starting this week. Deutsche Bank thinks this consumer-to-business payment program will increase Venmo's revenue growth and ultimately drive PayPal stock higher. (Reuters)
  2. Volvo joined rivals Tesla and General Motors in the electric car business, unveiling an electric sports coupe in collaboration with Chinese parent company Geely. The team also announced a $750 million investment in their new Polestar electric brand. (CNBC)
  3. Inside Netflix's impressive earnings report.
  4. The retail stock drawing a fresh batch of call buyers.
  5. Behind Freeport-McMoRan stock's latest downgrade.


Corporate Earnings Oct 17

Unusual Options Activity Oct 17
Data courtesy of Trade-Alert

Commodities

Crude closed just a penny, or 0.02%, higher today, with November-dated oil futures ending at $51.88 per barrel. Oil prices have remained elevated amid conflicts this week in the oil-rich Kirkuk region of Iraq.

Gold fell again today to a one-week low, moving inversely to a stronger U.S. dollar. December-dated gold ended down $16.80, or 1.3%, at $1,286.20 an ounce. Meanwhile, palladium fell from the 16-year high it hit Monday.


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