Dow Secures 70th Record Close of 2017 Amid Tax Bill Anticipation

The Republican tax plan could be voted on tomorrow

Patrick Martin
Dec 18, 2017 at 4:27 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) finished over 140 points higher, securing its 70th record close of 2017 -- tying 1995 for the most all-time closing highs in a single year. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) followed suit, notching their own record highs, with the latter index topping 7,000 for the first time ever. Anticipation continues to build for the final Republican tax bill, which could be voted on as early as tomorrow, and signed into law before Christmas. 

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

The Dow Jones Industrial Average (DJIA - 24,792.20) finished 140.5 points, or 0.6%, higher, while notching a record intraday high of 24,876.07. Intel (INTC) led the 19 Dow stocks higher with its 3.8% win, while Coca-Cola (KO) paced the 11 decliners with its 0.6% loss.

The S&P 500 Index (SPX - 2,690.16) finished 14.4 points, or 0.5%, higher, and touched an all-time intraday high of 2,694.97. The Nasdaq Composite (IXIC - 6,994.76) added 58.2 points, or 0.8%, while nabbing a record intraday peak of 7,003.89. 

The CBOE Volatility Index (VIX - 9.53) added 0.1 point, or 1.2%.

closing indexes summary december 18

nyse and nasdaq stats december 18

5 Items on Our Radar Today

  1. Thousands remain stranded after an apparent fire in underground electrical equipment caused power outages yesterday at the Atlanta airport. The power outage not only canceled flights and disrupted holiday traffic, but impacted the sensors in the bathrooms and shut down the train between terminals. Delta Airlines (DAL) reported over 400 flights cancelled today amid the outages. (CNN)
  2. Kicking off a week of housing data, the NAHB index measuring homebuilder sentiment rose to 74 for December, the highest reading since 1999. Homebuilders view changes to the Republican tax bill as providing "regulatory relief to the business community," per the NAHB chairman. (CNBC)
  3. 2 healthcare stocks that could heat up soon.
  4. Micron stock has an upbeat post-earnings history.
  5. The "significantly undervalued" stock rallying on hedge fund news.

  There are no notable earnings to report.

unusual options activity december 18
Data courtesy of Trade-Alert

Commodities

Crude slated for January delivery fell 14 cents, or 0.2%, to close at $57.16 per barrel. Black gold slipped after reports of climbing U.S. crude output, as well as expectations for a strike by Nigerian oil workers to end.

February-dated gold futures added $8, or 0.6%, to settle at $1,265.50 an ounce, extending their winning streak to four days. Bolstering the malleable metal was a weaker dollar.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 

Partnercenter