The Dow and S&P rallied, too
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.
5 Items on Our Radar Today
- 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)
- 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)
- Netflix stock was downgraded at UBS on valuation concerns.
- This drug stock jumped almost 25% on a big bullish brokerage note.
- Wall Street poured cold water on Broadcom's latest acquisition.
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.