Stocks Finished Mixed as Trump Defends Dollar

The greenback's reversal sent oil prices lower into the close

Managing Editor
Jan 25, 2018 at 4:25 PM
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Stocks finished the day mixed, with the S&P ending flat and the Nasdaq erasing early gains, after President Trump said Treasury Secretary Steve Mnuchin's recent comments were taken out of context, and that he expects the greenback to get "stronger and stronger." Before reversing higher on Trump's endorsement, the dollar earlier fell to a three-year low against a basket of its foreign rivals, as traders reacted to Wednesday's comments from Mnuchin, and after the European Central Bank (ECB) left rates unchanged, bolstering the euro.

However, the Dow managed to hold its own. While the index finished well off its new all-time record high, well-received earnings for 3M (MMM) and Caterpillar (CAT) stocks helped the Dow to a fifth straight win.

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

  • Analyst: Buy this FAANG stock ahead of earnings.
  • The silver lining for this struggling oil stock.
  • 2 mining stocks that gapped higher.
  • Plus, 2 big moving healthcare stocks; one ETF's worst losing streak in years; and Kroger stock takes out a key level.

The Dow Jones Industrial Average (DJI - 26,392.79) picked up 140.7 points, or 0.5%, and touched an all-time intraday peak of 26,458.25 during today's trading. Boeing (BA) led the 21 advancing blue chips with a 2.5% gain, while Apple (AAPL) paced the losers with a 1.8% loss.

The S&P 500 Index (SPX -  2,839.25) managed to scrape up a gain of 1.7 points, or 0.1%, after spending time on both sides of breakeven, eking out a record closing high. Meanwhile, the Nasdaq Composite (IXIC - 7,411.16) shed 3.9 points, or 0.1%. 

The CBOE Volatility Index (VIX - 11.58) gained 0.1 point, or 1%, on the day.

Closing Indexes Summary Jan 25

NYSE and Nasdaq Stats Jan 25

5 Items on Our Radar Today

  1. Home Depot has added itself to the list of large corporations that will be giving out one-time bonuses to employees, in response to the new tax bill. The home improvement concern said it will give up to $1,000 and varying lower amounts to hourly employees based on the amount of time they have been with the company. (CNBC)
  2. Airbnb's CEO Brian Chesky announced that parting American Express CEO Kenneth Chenault will become the company's first non-affiliated independent board director. Chenault was also appointed to Facebook's board last week, and is leaving his 17-year stint at AmEx come Feb. 1. (Reuters
  3.  2 healthcare stocks that made big earnings moves.
  4.  The dollar ETF eyeing its worst weekly streak in years.
  5.  Kroger stock took out a key level on Alibaba buzz.

Corporate Earnings Jan 25

Unusual Options Activity Jan 25

Data courtesy of Trade-Alert

Oil Reverses Lower on Dollar Movement

March-dated crude reversed during the last few minutes of trading, after the U.S. dollar suddenly moved higher. Oil finished down 10 cents, or almost 0.2%, to settle at $65.51 per barrel, after earlier peaking at a three-year high of $66.66.

Gold finished higher after the U.S. Dollar Index touched its lowest levels in over three years. February-date gold futures ended the day up $6.60, or 0.5%, to settle at $1,362.90 per ounce -- gold's highest close in nearly a year and a half.


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