Oil prices topped the $70 mark, but lost some steam after a Trump tweet
A strong rise in oil prices sparked strong early trading for U.S. stocks, though the Dow and S&P 500 closed well off their intraday highs. Crude futures burst through the $70-per-barrel level on expectations of fresh sanctions on Iran, but lost some steam after President Donald Trump tweeted that he'll make a decision on the Iran nuclear deal at 2 p.m. ET tomorrow. Meanwhile, a big day from the tech sector had the Nasdaq outperforming its index peers. From a broader standpoint, the intraday volatility was nothing new, as stocks continue to go nowhere fast.
Continue reading for more on today's market, including:
- History says it's not too late to join the Apple stock rally.
- Options traders are taking action ahead of Disney earnings.
- 2 hot cloud stocks that saw heavy call volume.
- Plus, Alibaba bulls strike; penny stock tops the Nasdaq; and options traders -- and Warren Buffett -- circle Tesla.
The Dow Jones Industrial Average (DJI - 24,357.32) was up more than 200 points at its peak, and closed up 94.8 points, or 0.4%. Seventeen of 30 Dow stocks closed in positive territory, and the top gainer was Caterpillar (CAT), climbing 2.4%. The biggest loser, meanwhile, was Walmart (WMT), falling 2.4%.
The S&P 500 Index (SPX - 2,672.63) added 9.2 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,265.21) rose 55.6 points, or 0.8%.
The Cboe Volatility Index (VIX - 14.75) closed down 0.02 point, or 0.1%.
5 Items on Our Radar Today
- Walmart today announced new restrictions on opioid prescriptions in an effort to help fight drug abuse. The retailer will limit opioid prescriptions for acute pain to a seven-day supply. (Reuters)
- Turning to some travel news, a U.S. Department of Transportation report revealed travelers paid almost $4.6 billion last year to domestic airlines in checked bag fees alone. However, the pace of growth in bag fees actually slowed for 2016-2017, relative to the 2015-2016 span. (CNBC)
- Alibaba option bulls targeted a familiar price point.
- The penny stock that surged to the top of the Nasdaq.
- Options traders circled Tesla after the recent Musk-Buffett exchange.
Data courtesy of Trade-Alert
Oil Tops $70 a Barrel
June-dated crude futures closed above $70 per barrel for the first time since late 2014, finishing up $1.01, or 1.5%, at $70.77 per barrel. In after-hours trading, however, the contract slipped beneath the round-number level, following Trump's announcement.
Gold prices dipped today as the dollar strengthened. Gold set for June delivery fell 60 cents, or 0.05%, to $1,314.10 per ounce.