The Dow and S&P both extended their weekly win streaks to 7
The S&P 500 Index (SPX), and Nasdaq Composite (IXIC) both touched fresh record highs, as traders cheered earnings rallies from tech stocks like Alphabet (GOOGL), Amazon (AMZN), Microsoft (MSFT), and Intel (INTC). The Nasdaq had its biggest one-day point gain since August 2015, and rounded out the week with a fifth consecutive weekly win. Earnings and a stronger-than-expected reading on third-quarter gross domestic product (GDP) also helped lift the Dow Jones Industrial Average (DJIA), which, like the SPX, managed its seventh straight weekly win, marking the Dow's longest win streak of the year.
Continue reading for more on today's market, including:
- Buy the biotech dip, if history is any indicator.
- Why First Solar shorts are jumping ship.
- 2 pharmacy stocks hit by Amazon fears.
- Plus, two restaurant stocks that could surprise short sellers; one blue chip that could soar; and the car stock hit with another downgrade.
The Dow Jones Industrial Average (DJIA - 23,434.19) ended with a gain of 33.3 points, or 0.1%. INTC led the 12 Dow gainers with a 7.4% gain, while Merck (MRK) paced the 18 losers with a 6% drop. For the week, the Dow added 0.5%.
The S&P 500 Index (SPX - 2,581.07) touched a record high of 2,582.98, before ending up 20.7 points, or 0.8%. The Nasdaq Composite (IXIC - 6,701.26) touched a record high of its own at 6,708.13, ending with an impressive gain of 144.5 points, or 2.2%. For the week, the SPX and IXIC added 0.2% and 1.1%, respectively.
The CBOE Volatility Index (VIX - 9.80) lost 1.5 points, or 13.3%, for its lowest close in two weeks. For the week, the VIX fell 1.7%.
5 Items on Our Radar Today
- Facebook announced plans to design ads that are more transparent, as major social media platforms continue to undergo scrutiny for advertisements tied to the 2016 presidential election and Russia. The announcement comes less than a week before the company is scheduled to report third-quarter earnings. (Reuters)
- After the Nikkei expressed concern for iPhone X shipments on Tuesday, Apple announced earlier today that pre-orders for the phone were "off the charts." The tech giant is also expected to release third-quarter earnings next week. (Reuters)
- 2 restaurant stocks that could burn short sellers.
- Why Boeing stock could resume its quest for record highs.
- Inside Tesla stock's latest downgrade.
Data courtesy of Trade-Alert
Commodities
Crude prices surged again today, settling at an eight-month high, once again thanks to reports that major oil producers support extending global production cuts. December-dated oil futures ended up $1.26, or 2.4%, at $53.90 per barrel. For the week, black gold soared 4.7%.
Gold also ended higher today, reversing earlier losses, after the Catalonian parliament declared independence from Spain, whetting the appetite for safe-haven investments. December-dated gold ended up $2.20, or 0.2%, at $1,271.80 an ounce. For the week, however, gold dropped 0.6%.