The SPX also scored a record high before retreating
The Dow Jones Industrial Average (DJIA) was up over 300 points at its session high -- which also represented a record peak -- as markets cheered progress on the Republican tax reform bill. The S&P 500 Index (SPX) initially joined in on the fun as well, notching a record high on the strength of bank, retail, and media stocks. However, the Dow pared its gains as the session progressed, and the SPX dipped into the red, as tech stocks took a tumble. In fact, the Nasdaq Composite (IXIC) spent most of the session lower, suffering a second drop of at least 1% in less than a week.
Continue reading for more on today's market, including:
- 3 sinking chip stocks with crazy options volume.
- Options traders swarmed JPMorgan Chase stock.
- Analyst: These retail stocks will benefit most from tax reform.
- Plus, Blue Apron stock rallies; the bank ETF blitzed by bulls; and options traders react to CVS' Aetna deal.
The Dow Jones Industrial Average (DJIA - 24,290.05) finished 58.5 points, or 0.2%, higher, after being up more than 300 points at its session high of 24,534.04. Walt Disney (DIS) led 18 Dow stocks higher with its 4.7% win, while Microsoft (MSFT) paced the 12 decliners with its 3.7% loss.
The S&P 500 Index (SPX - 2,639.44) finished 2.8 points, or 0.1%, lower, despite notching a record high of 2,665.19 earlier. The Nasdaq Composite (IXIC - 6,775.37) lost 72.2 points, or 1.1%.
The CBOE Volatility Index (VIX - 11.68) rose 0.3 point, or 2.2%.
5 Items on Our Radar Today
- A group of 27 senators are calling on the Federal Communications Commission (FCC) to delay its upcoming vote to repeal net neutrality rules. Senators expressed concern that the FCC's public comment record may be "replete with fake or fraudulent comments, suggesting [FCC Chairman Ajit Pai's] proposal is fundamentally flawed." (The Hill)
- House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer will meet with President Trump and GOP leaders on Thursday, to re-engage discussions on avoiding a government shutdown by midnight Friday. The two Democrats pulled out of a meeting last week, after President Trump tweeted he didn't see himself striking a deal with Democrats. (USA Today)
- Breaking down the big rally today from Blue Apron stock.
- The bank ETF swarmed by option bulls.
- Options traders reacted to CVS buying Aetna.
There are no notable earnings to report.
Data courtesy of Trade-Alert
Commodities
Crude slated for January delivery lost 89 cents, or 1.5%, to close at $57.47 per barrel, snapping a three-day winning streak. A rising dollar and concerns over growing domestic crude production weighed on black gold.
February-dated gold futures fell $4.60, or 0.4%, to settle at $1,277.70 an ounce, as the U.S. Senate passed its tax reform bill, bolstering the dollar.