FAANG stocks helped push the S&P and Nasdaq higher, too
The Dow logged its third straight triple-digit gain today -- marking its longest daily winning streak since late February, and its highest close since March 21. Big rallies for Boeing (BA) and DowDuPont (DWDP) helped boost the blue-chip index, as fears over a possible trade war between the U.S. and China receded. A surge in tech stocks had the S&P and Nasdaq higher on the day, too, with Facebook (FB) and Amazon (AMZN) bouncing off key technical levels.
Continue reading for more on today's market, including:
- Analyst: Sell these 2 chip stocks.
- 3 drug stocks that made big moves today.
- See which retail stock founder and CEO Bernie Schaeffer thinks is ripe for more upside.
- Plus, Canaccord Genuity sets a bold Spotify price target; Biogen gets a bruising brokerage note; and Lowe's gets an analyst-induced lift.
The Dow Jones Industrial Average (DJI - 24,505.22) rallied 240.9 points, or nearly 1%, as 25 of its 30 components closed higher. Along with fellow industrial giants Boeing and DowDuPont, Chevron (CVX) and Caterpillar (CAT) each surged more than 2% by the close. Meanwhile, Pfizer (PFE) fared the worst of the blue chips, ending on a drop of 1.1%.
The S&P 500 Index (SPX - 2,662.84) picked up 18.2 points, or 0.7%, after stopping just shy of its year-to-date breakeven level in intraday trading. The Nasdaq Composite (IXIC - 7,076.55) backed down from a challenge of its 100-day moving average to settle for a gain of 34.4 points, or 0.5%.
The Cboe Volatility Index (VIX - 18.94) dropped below recent support at the 20 level, ending on a loss of 1.1 points, or 5.6%. In the process, the VIX snapped a streak of 12 consecutive daily closes above its 50-day moving average.
5 Items on Our Radar Today
- The chief investment officer of the California State Teachers' Retirement System (CalSTRS) is the latest to climb on the #DeleteFacebook bus. Christopher Ailman tweeted Wednesday evening that he had deleted his Facebook account, saying the company's "lack of oversight and poor management is offensive." CalSTRS owned $650.4 million in Facebook shares at the end of 2017. (CNBC)
- Former Fed President Janet Yellen gave her first paid speech since stepping down from her four-year stint as head of the central bank. Speaking at an event hosted by investment firm Jefferies, Yellen said she spoke about the "economy and general perspectives on monetary policy," but did not provide details. (Reuters)
- Why Canaccord Genuity expects Spotify stock to rally 40%.
- Biogen dropped more than 2% today after a bruising brokerage note.
- Lowe's stock jumped today, after joining Home Depot on UBS' "most preferred" list.
Data courtesy of Trade-Alert
Gold Suffers as Dollar Strengthens
Oil prices managed to finish the day higher, as trade-war worries diminished. May-dated crude futures ended up 17 cents, or 0.3%, at $63.54 per barrel.
A strong rally in the stock market and a strengthening dollar pressured gold prices today. June-dated gold futures finished the day $11.70, or 0.9%, lower, at $1,328.50 per ounce.