The Dow logged its highest close since mid-March
The Dow exploded past the 25,000 level today, up over 300 points for its best close since mid-March. Bank stocks led the charge, and the 10-year Treasury yield rose on reports the European Central Bank (ECB) could unwind its bond-buying program this year. Although Alphabet (GOOGL) stock pulled back amid reports of an impending European Union (EU) fine, the tech-rich Nasdaq secured a third straight record close, as Tesla (TSLA) surged after a shareholder meeting.
Continue reading for more on today's market, including:
- These stocks perform best after a Fed rate hike.
- 2 outperforming Amazon rivals with bargain-bin options.
- Speaking of Amazon, the e-commerce giant is now eyeing home insurance.
- Plus, 3 red-hot penny stocks; U.S. Steel's encouraging guidance; and the new shoe that boosted Under Armour.
The Dow Jones Industrial Average (DJI - 25,146.39) gained 346.4 points, or 1.4%, with 26 of the 30 blue chips closing with gains. Boeing (BA) had the best day, adding 3.2%, while General Electric (GE) paced the four losers with its 1.1% drop.
The S&P 500 Index (SPX - 2,772.35) gained 23.6 points, or 0.9%, and the Nasdaq Composite (IXIC - 7,689.24) surged 51.4 points, or 0.7%, for its highest close ever.
The Cboe Volatility Index (VIX - 11.64) shed 0.8 point, or 6.1%.
5 Items on Our Radar Today
- Facebook (FB) stock suffered a third straight loss, amid reports the social media giant had multiple data-sharing partnerships with Chinese electronics companies that were flagged by U.S. intelligence. One agreement involves Huawei, a manufacturing firm deemed a national security threat. (New York Times)
- Jonathan Bush, CEO of Athenahealth (ATHN), stepped down today effective immediately, amid controversy over reports of domestic abuse 13 years ago. The healthcare company is being courted by Elliott Management, and said it's exploring strategic alternatives, including a possible sale or merger. (CNBC)
- These 3 penny stocks surged on biotech news.
- U.S. Steel stock got a lift from upbeat guidance.
- The Rock's new shoe sent Under Armour stock to a record high.
Data courtesy of Trade-Alert
Oil, Gold Prices Give Back Leads
Oil prices slipped, as U.S. crude inventories rose by a surprising 2.1 million barrels last week. Analysts were expecting a weekly drop in supplies. July-dated crude futures gave back 79 cents, or 1.2%, to settle at $64.73 per barrel -- a nearly two-month low.
Despite trading higher for most of the day, gold prices fell as well, as a weaker greenback gave way to trade tensions ahead of the Group of Seven (G-7) summit. Gold futures for August delivery shed 80 cents to close at $1,301.40 an ounce.