Stocks Close Week Higher as Tech Shines

Oil prices won the day, but lost the week

Jul 13, 2018 at 4:29 PM
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A lackluster start to earnings season didn't stall the stock market's momentum, with the Dow clawing back above 25,000 and the S&P 500 closing north of the 2,800 mark for the first time since early February. The Nasdaq, meanwhile, managed a record high close, though the index briefly traded in the red on news Amazon may be wading into the networking equipment business. Nevertheless, the Dow, S&P, and Nasdaq all finished the week higher -- though the former is on track to send up a signal not seen since before the financial crisis.

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

  • 25 trading ideas for pre-earnings options buyers.
  • History says to sell this oil stock ahead of earnings.
  • Plus, 3 volatile healthcare stocks; Tableau Software stock could be headed to record highs; and the oversold penny stock that bounced.

The Dow Jones Industrial Average (DJI - 25,019.41) added 94.5 points, or 0.4%, for its first close north of 25,000 since June 15. Twenty Dow stocks closed higher, led by a 2% pop for Walgreens Boots Alliance (WBA). Cisco Systems (CSCO) paced the 10 decliners with its 4.1% drop. For the week, the DJI jumped 2.3%.

The S&P 500 Index (SPX - 2,801.31) tacked on 3 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,825.98) added 2.1 points, or 0.03% -- with the latter hitting a record intraday high of 7,843.53. Week-over-week, the SPX rose 1.5%, while the IXIC gained 1.8%.

The Cboe Volatility Index (VIX - 12.18) gave back 0.4 point, or 3.2%, for its lowest settlement since June 15. The market's "fear gauge" slid 8.9% on the week.

Closing Indexes Summary July 13

NYSE and Nasdaq July 13

5 Items on Our Radar Today

  1. Twelve Russian intelligence officials were indicted by a U.S. grand jury on allegations of interfering in the 2016 presidential election. The charges brought forth by Special Counsel Robert Mueller include hacking into computers at the Democratic National Committee and campaign of Democratic presidential nominee Hillary Clinton. (Reuters)
  2. The U.S. Commerce Department has lifted its ban on domestic companies selling supplies to China telecom ZTE. The seven-year ban first went into effect in April, with the Trump administration saying the company violated sanctions on Iran and north Korea. (The Verge)
  3. These 3 healthcare stocks made big moves in today's trading.
  4. A reliable options signal is pointing to new highs for Tableau Software stock.
  5. This oversold penny stock bounced from record-low territory.

Corporate Earnings Chart July 13

Unusual Options Activity July 13

Data courtesy of Trade-Alert

Crude Oil, Gold Suffer Weekly Losses

Oil prices pared their weekly losses today, with August-dated crude futures adding 68 cents, or 1%, to settle at $71.01 per barrel. For the week, the front-month contract still logged a 3.8% loss on global supply concerns.

A strengthening dollar and a rally in equities dimmed gold's safe-haven appeal, with gold for August delivery shedding $5.40, or 0.4%, to settle at $1,241.20 an ounce -- its lowest settlement since last July. The malleable metal gave back 1.2% on the week.

 

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