Nasdaq Hits New High as Tech Shares Soar

Apple and Cisco were two of the best Dow stocks today

Jul 12, 2018 at 4:26 PM
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Stocks spent the whole day in positive territory, with surging tech shares driving markets higher. In fact, the Nasdaq hit a fresh record high on the back of a big Amazon rally. The buying power extended to the Dow and S&P 500, too, where strong sessions for Apple and Cisco powered the indexes to impressive gains -- ultimately pushing the S&P past a key technical level at its pre-Fed high from June.

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

The Dow Jones Industrial Average (DJI - 24,924.89) closed just shy of its session highs, up 224.4 points, or 0.9%. Twenty-five Dow stocks gained ground, led by Cisco's (CSCO) 2.4% win. Procter & Gamble (PG) paced the five decliners with its 0.3% loss.

The S&P 500 Index (SPX - 2,798.29) came within striking distance of 2,800, before settling up 24.3 points, or 0.9%. The Nasdaq Composite (IXIC - 7,823.92) hit an all-time intraday peak of 7,825.67, and set a new record close with its 107.3-point, or 1.4%, gain.

The Cboe Volatility Index (VIX - 12.58) slid 1 point, or 7.7%, to settle at its lowest point since June 18.

Closing Indexes Summary July 12

NYSE and Nasdaq July 12

5 Items on Our Radar Today

  1. Fed Chair Jerome Powell waxed optimistic about the U.S. economy in an interview today, but said that ongoing tariff disputes "could be a negative." Ahead of next week's trip to Capitol Hill, the head of the central bank also chimed in on rising inflation, saying that while it's hovering around the 2% target, "We're not declaring victory there." (Marketplace)
  2. The Department of Justice will not block a merger between CVS Health and Aetna, according to Bloomberg. The drugstore chain's $69 billion bid for the insurance giant first surfaced last December, and today's headlines sent both stocks higher on the day. (CNBC)
  3. Netflix stock was downgraded at UBS on valuation concerns.
  4. This drug stock jumped almost 25% on a big bullish brokerage note.
  5. Wall Street poured cold water on Broadcom's latest acquisition.

Corporate Earnings Chart July 12

Unusual Options Activity July 12

Data courtesy of Trade-Alert

IEA Report Keeps Crude Under Pressure

Oil prices extended Wednesday's sell-off, after a report from the International Energy Agency (IEA) fueled concerns over easing demand and rising supplies. Crude for August delivery fell 5 cents to settle at $70.33 per barrel.

A cooling dollar helped gold eke out a modest gain for its first win in three days. August-dated gold added $2.20, or 0.2%, to settle at $1,246.60 an ounce.

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