Financial stocks helped overshadow Intel losses
U.S. stocks had another stellar day, with the Dow topping the 25,000 mark for the first time in history. A solid day for financial stocks helped the blue-chip index higher, overshadowing losses from Intel (INTC). Likewise, the S&P and Nasdaq also touched fresh record highs, as Wall Street applauded encouraging data on private-sector payrolls ahead of tomorrow's monthly jobs report. Commodities also had a good day, with oil prices exploring three-year highs, and gold notching its longest daily win streak in years.
Continue reading for more on today's market, including:
- What the first week of 2018 means for stocks.
- Citigroup: Buy this pharma stock.
- 3 retail stocks that sold off today.
- Plus, why ad buyers prefer Instagram over Snapchat; a bank stock flashing buy; and 2 commodities attracting bulls to start the new year.
The Dow Jones Industrial Average (DJI - 25,075.13) started hot and never looked back, closing near its sessions highs, up 152.5 points, or 0.6%. All but seven Dow components closed in positive territory, with General Electric (GE) stock leading the way with a 2.1% gain. Intel was the biggest loser, closing down 1.8%, and Travelers (TRV) ended flat.
The S&P 500 Index (SPX - 2,723.99) jumped 10.9 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,077.92) added 12.4 points, or 0.2%. Both indexes secured record highs.
The CBOE Volatility Index (VIX - 9.22) closed up 0.1 point, or 0.8%, avoiding a three-day losing streak.
5 Items on Our Radar Today
- The Trump administration announced earlier a proposal for a five-year offshore drilling plan that will open blocks in the Arctic, Pacific, and Atlantic oceans for oil and gas exploration. This plan would lease the largest amount of offshore exploration ever -- around 90% of the outer U.S. continental shelf. (CNBC)
- The Northeast "bomb cyclone" has taken over the Boston and New York areas, causing power outages, thousands of flight cancellations, and closing schools. Additionally, a 3-foot tidal surge flooded Boston’s historic Long Wharf, prompting firefighters to rescue some motorists. (Reuters)
- Analyst: It's Instagram over Snapchat for ad buyers.
- Citigroup stock offered up another 'buy' signal.
- Traders are going long on gold and crude to start the new year.
Data courtesy of Trade-Alert
Crude Nabs 3-Year High, Gold Scores Longest Win Streak in Years
Crude futures settled higher today, grabbing hold of a three-year high, after a large weekly drop in domestic crude inventories and increased tensions surrounding Iranian protests. February-dated oil futures finished up 38 cents, or 0.6%, at $62.01 per barrel.
Gold notched its longest win streak since 2011, ending higher for a 10th straight session, as the dollar weakened. February-dated gold futures settled up $3.10, or 0.2%, at $1,321.60 per ounce.