The S&P 500 also closed higher, though the Nasdaq slipped
The Dow explored a triple-digit trading range on both sides of breakeven before eventually bringing its daily win streak to five, as UnitedHealth (UNH) stock bounced back on a post-earnings bull note from RBC, which called the insurance giant's 2019 outlook "attractive." The S&P also closed in positive territory, though the Nasdaq slipped into the red -- even after Amazon's market cap briefly topped $900 billion. Traders also digested the Fed's Beige Book, which underscored signs of a strengthening economy, but pointed to uncertainty surrounding tariff risk.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,199.29) closed up 79.4 points, or 0.3%. Fifteen Dow stocks settled in positive territory, paced by UNH's 2% pop. McDonald's (MCD) led the 15 decliners with its 1.1% loss.
The S&P 500 Index (SPX - 2,815.62) nabbed its fourth win in five sessions, adding 6.1 points, or 0.2%. It was a photo finish for the Nasdaq Composite (IXIC - 7,854.44), which fell to a 0.01% loss right at the closing bell.
The Cboe Volatility Index (VIX - 12.10) slipped to its lowest level since June 7 in intraday action, before settling up 0.04 point, or 0.3%.
5 Items on Our Radar Today
- Tesla (TSLA) remained on Wall Street's radar today, after Jim Chanos chimed in on the company's CEO Elon Musk -- while also unveiling his top short position. Talking to CNBC, the noted short seller criticized Musk's "willingness to say things that I think he knows are a stretch," including Model 3 production numbers. (CNBC)
- Papa John's (PZZA) and Wendy's (WEN) had held preliminary merger talks before John Schnatter stepped down last week as PZZA chairman, according to The Wall Street Journal. The ouster came after reports Schnatter used a racial slur during a conference call. (MarketWatch)
- Short-term options are cheap on this pair of steel stocks.
- Starbucks stock has been hit with multiple price-target cuts this week.
- This tech stock swung lower on news of a surprising C-suite shift.
Data courtesy of Trade-Alert
Oil Gains as Gasoline Stockpiles Drop
Oil prices gained ground for a second straight session, as a larger-than-expected decline in domestic gasoline stockpiles offset an unexpected increase in crude supplies. Crude futures for August delivery rose 68 cents, or 1%, to settle at $68.76 per barrel.
Gold snapped its three-day losing streak as the dollar cooled. At the close, August-dated gold futures were up 60 cents at $1,227.90 an ounce.