The Dow explored a nearly 300-point range
The Dow explored both sides of breakeven today, trading in a range of almost 300 points before eventually settling in positive territory. A strong earnings move and all-time high from Facebook (FB) provided a lift for the broader market, but concerns about rising interest rates and a surprisingly weak productivity report contained the momentum in equities. The attention will likely stay on the tech sector tomorrow, too, thanks to post-close earnings releases from industry giants Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,186.71) managed a 37.3-point, or 0.1%, win, though the blue-chip index finished well off its intraday highs. Seventeen of 30 Dow components closed in the black, led by Exxon Mobil (XOM), which rose 2%. DowDuPont (DWDP) was the biggest loser, ending down 2.8% after earnings.
The S&P 500 Index (SPX - 2,821.98) slid 1.8 points, or 0.06%, and the Nasdaq Composite (IXIC - 7,385.86) dipped 25.6 points, or 0.4%.
The CBOE Volatility Index (VIX -13.47) fell 0.07 point, or 0.5%.
5 Items on Our Radar Today
- The Atlanta Fed sent shock waves through the financial world by forecasting growth of 5.4% for the U.S. economy in the first quarter of 2018. Such quarterly growth would be the best since the Great Recession and is more than double the fourth quarter's 2.6% expansion. (CNBC)
- Video game stocks have been exploding, and Japan-based Nintendo (NTDOY) has not been sitting out the rally. Now, the company is announcing fan-favorite racing game Mario Kart will be coming to mobile devices in 2019. (USA Today)
- Floundering Starbucks and Chipotle stocks were just hit with downgrades.
- A closer look at the earnings reactions from Facebook and Microsoft.
- Goldman retreats on NVIDIA stock... sort of.
Data courtesy of Trade-Alert
Oil Breaks Two-Session Losing Streak
A bullish call on crude from Goldman Sachs had oil prices sizzling today. Specifically, the firm called for oil to hit $80 a barrel in 2018. At the close, crude futures for March delivery was up $1.07, or 1.7%, at $65.80 per barrel.
Meanwhile, April gold futures gained $4.80, or 0.4%, to end at $1,347.90 per ounce thanks to a weaker dollar. However, trading in the precious metal remains fairly muted ahead of Friday's much-anticipated nonfarm payrolls report.