Tech Rally Drives Stocks Higher

Wall Street awaits tomorrow's closely watched nonfarm payrolls report

Managing Editor
Dec 7, 2017 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) finished higher today, climbing more than 120 points at its session peak, before settling with a more modest gain. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also closed in the black, thanks to a continued rebound from tech stocks, snapping the SPX's longest losing streak in nine months. Markets continue to eye Washington, D.C., for any clues about a possible government shutdown, as well as progress on the Republican tax plan. Elsewhere, bitcoin continues to snatch headlines, surging to another record high before plummeting. Looking ahead, Wall Street awaits tomorrow's highly anticipated monthly jobs report.

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

  • This Nasdaq signal predicted big gains last year -- and it's flashing again.
  • The retail stock rallying with bitcoin.
  • Citigroup stock could have a December to remember.
  • Plus, Shake Shack's big day; LULU's earnings beat; and breaking down a successful Kroger trade.

The Dow Jones Industrial Average (DJIA - 24,211.48) finished 70.6 points, or 0.3%, higher. Caterpillar (CAT) led 17 Dow stocks higher with its 1.8% win, while Coca-Cola (KO) paced the 13 decliners with its 1.5% loss.

The S&P 500 Index (SPX - 2,636.98) finished 7.7 points, or 0.3%, higher, snapping its four-day losing streak. The Nasdaq Composite (IXIC - 6,812.84) added 36.5 points, or 0.5%.

The CBOE Volatility Index (VIX - 10.16) lost 0.9 point, or 7.8%.

Closing Indexes Summary Dec 7

NYSE and Nasdaq Dec 7

5 Items on Our Radar Today

  1. General Electric announced today that it will be cutting 12,000 jobs from its global power business. The cuts are an effort to save $1 billion in 2018, in the face of shrinking demand for fossil fuel power plants. Last month, GE slashed its dividend amid a cash crunch. (CNN Money)
  2. Beer maker Anheuser-Busch pre-ordered 40 Tesla electric semi trucks earlier today, one of the largest orders of the semitrailer models since their unveiling a month ago. The move embodies an effort from Anheuser-Busch to reduce its operational carbon footprint. (CNBC)
  3. The short squeeze fueling a furious Shake Shack surge.
  4. Analysts cheered Lululemon earnings.
  5. How Kroger call buyers scored a big win after earnings.

  

Corporate Earnings Chart Dec 7

Unusual Options Volume December 7
Data courtesy of Trade-Alert

Commodities

Crude slated for January delivery jumped 73 cents, or 1.3%, to close at $56.69 per barrel, after the threat of a strike from one of Nigeria's main oil unions. 

February-dated gold futures dropped $13, or 1%, to settle at $1,253.10 an ounce, the lowest point since late July. A combination of a soaring dollar and rebounding U.S. stocks lessened the demand for the safe-haven asset.

 

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