Dow Secures Historic 71st Record Close

Trading volume was light with one session left in 2017

Managing Editor
Dec 28, 2017 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) finished higher today, securing a historic 71st record close of 2017 -- the most ever in a calendar year. Meanwhile, both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) finished higher as well, boosted by a strong day for financial and tech stocks. Elsewhere, gold and copper futures extended their recent hot streaks, while bitcoin stirred up controversy in South Korea.

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

  • Buy these FAANG stocks now.
  • Should you buy into the Dogs of the Dow theory? Schaeffer's Senior Quantitative Analyst Rocky White takes a look. 
  • Activist: This stock will rally thanks to bitcoin.
  • Plus, a successful oil trade; an energy stock to avoid; and a tough day for 2 bitcoin stocks.

The Dow Jones Industrial Average (DJIA - 24,837.51) finished 63.2 points, or 0.3% higher, for its 71st record close of 2017. UnitedHealth (UNH) led 23 Dow stocks higher with its 1.1% win, while Coca-Cola (KO) paced six decliners with its 0.5% loss. Nike (NKE) finished flat.

The S&P 500 Index (SPX - 2,687.54) finished 4.9 points, or 0.2%, higher. The Nasdaq Composite (IXIC - 6,950.16) added 10.8 points, or 0.2%. 

The CBOE Volatility Index (VIX - 10.18) shed 0.3 point, or 2.8%.

 

Closing Indexes Summary Dec 28

NYSE and Nasdaq Dec 28

5 Items on Our Radar Today

  1. Tech investing fund SoftBank Group reportedly purchased a massive Uber stake. According to The Wall Street Journal, SoftBank will acquire 15% of the ride-sharing company, and values Uber at $48 billion. Despite Uber's struggles this year that included a CEO change and sexual harassment claims, the company is eyeing an initial public offering (IPO) in 2019. (CNBC)
  2. Initial jobless claims were muted last week at 245,000, defying expectations for a slight dip. Although unemployment claims are higher now than they were in the summer, they are 5% lower year-over-year. In addition, the number of Americans who applied for benefits this year is pacing for its lowest total since 1973. (MarketWatch)
  3. The oil stock that rewarded options bulls.
  4. History says sell this energy stock.
  5. What South Korea's crypto crackdown did to 2 bitcoin stocks.

 

There are no quarterly earnings to report.

Unusual Options Activity Dec 28
Data courtesy of Trade-Alert

Commodities

Crude slated for February delivery rose 20 cents, or 0.3%, to close at $59.84 per barrel. The U.S. Energy Information Association (EIA) reported domestic crude supplies dipped by 4.6 million barrels last week, and signs of strong demand for oil imports in China also lifted black gold. 

February-dated gold futures added $5.80, or 0.5%, to settle at $1,297.20 an ounce -- the highest close since Oct. 16, and a ninth straight winning session. Another retreat from the greenback lifted the dollar-denominated asset. Elsewhere, copper futures once again flirted with four-year highs.

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