Dow Scores Record Close; Tech Powers Nasdaq to 4th Straight Win

The VIX fell to its lowest close since Nov. 3

Managing Editor
Dec 11, 2017 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) finished higher today for another record close, shaking off early struggles after the attempted suicide bombing near Times Square in New York City. A strong day from energy and tech stocks drove the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) higher, with the former also netting a record close and the latter notching a four-day winning streak. Bitcoin continued to captivate investors, with the cryptocurrency's first day of futures trading causing two halts on the CBOE. Elsewhere, the CBOE Volatility Index (VIX) continued to slip, falling to its lowest close since Nov. 3. Markets will now turn their eyes to the Fed meeting -- set to begin tomorrow, and expected to end in a rate-hike announcement Wednesday.

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

  • 2 drug stocks that had their worst day ever.
  • The bitcoin stock to watch next week.
  • Options traders are targeting these 2 biotech stocks.
  • Plus, a top solar pick; the analyst darling about to report earnings; and BlackBerry's bullish signal.

The Dow Jones Industrial Average (DJIA - 24,386.03) finished 56.9 points, or 0.2%, higher, a new record close. Walt Disney Co (DIS) led 20 Dow stocks higher with its 2.5% win, while Boeing (BA) once again paced the 10 decliners with its 1% loss.

The S&P 500 Index (SPX - 2,659.99) finished 8.5 points, or 0.3%, higher, also a new record close. The Nasdaq Composite (IXIC - 6,875.08) added 35 points, or 0.5%.

The CBOE Volatility Index (VIX - 9.34) lost 0.2 point, or 2,5%, falling for a fifth straight day.

Closing Indexes Summary Dec 11

NYSE and Nasdaq Dec 11

5 Items on Our Radar Today

  1. The Food and Drug Administration (FDA) issued just three warnings to drugmakers for misleading ads in 2017. The number is a record low, down from 11 in 2016, and a far cry from 24 the warning letters issued in 2013. (CNBC)
  2. Apple (AAPL) confirmed today its deal to buy music discovery app Shazam Entertainment for an unknown amount. The application will be streamlined with Apple Music, allowing users to identify new songs. Apple was unable to elaborate, but said it has "exciting plans in store." (Reuters)
  3. Baird: First Solar stock is the 'Top Sector Pick.'
  4. Analysts are strongly bullish toward Adobe stock ahead of earnings this week. 
  5. Buy the dip on BlackBerry stock.

 

    There are no notable earnings to report.

Unusual Options Activitly Dec 11
Data courtesy of Trade-Alert

Commodities

Crude slated for January delivery jumped 63 cents, or 1%, to close at $57.99 per barrel, as traders eyed the North Sea pipeline, which will be shut down longer than expected to repair leaks.

February-dated gold futures lost $1.50, or 0.1%, to settle at $1,246.90 an ounce, after hitting a five-month low and its third-straight weekly loss on Friday. The safe-haven asset got an early lift after the explosion at New York City’s Port Authority bus terminal, but bitcoin's first day on the futures exchange reversed the metal's gain.



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