Trump's comments about the Fed weighed on the dollar
While President Donald Trump said he doesn't "anticipate much" from this week's trade talks with China, optimism about easing tensions between the two nations helped propel the S&P 500 to a new record high. The Dow also pushed higher to mark its fourth straight gain, and the tech-heavy Nasdaq saw a notable surge of its own. Also catapulting stocks has been another solid round of corporate earnings, while a weaker dollar -- on the back of Trump's negative comments about the Fed -- boosted commodities. Tomorrow, the central bank will be in focus with the release of the Fed's meeting minutes.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,822.29) rose 63.6 points, or 0.3%, for the day. Intel (INTC) stock led the 19 advancing blue chips with a 2.4% gain, while Merck (MRK) paced the 11 decliners with a 1.4% drop.
The S&P 500 Index (SPX - 2,862.96) picked up 5.9 points, or 0.2%, after touching an all-time high of 2,873.23 earlier, while the Nasdaq Composite (IXIC - 7,859.17) gained 38.2 points, or 0.5%.
The Cboe Volatility Index (VIX - 12.86) managed to gain 0.4 point, or 3%.
5 Items on our Radar Today
- With its planned initial public offering (IPO) rapidly approaching, app-based taxi service Uber announced that it has hired a new CFO, Nelson Chai, who has worked top-tier roles for large companies such as NYSE Euronext and Merrill Lynch. In a public statement, Uber CEO Dara Khosrowshahi said Chai will be a "great partner for me and the entire management team." (CNBC)
- Former Trump attorney Michael Cohen reportedly reached a plea deal with federal prosecutors, which will include jail time and a hefty fine. Cohen -- who was set to appear in federal court today -- will allegedly plead guilty to tax evasion, bank fraud, and campaign finance violations. (Reuters)
- 2 popular Apple put options.
- Founder and CEO Bernie Schaeffer on the ETF hit by fears of "eurozone contagion."
- 2 stocks shaken up by C-suite exits.
Data courtesy of Trade-Alert
Oil Notches Fourth Straight Gain
September-dated oil finished its final session higher, finding support from U.S.-Iran sanctions and expectations for a drop in domestic supplies. Crude futures picked up 92 cents, or 1.4%, to settle at $67.35 per barrel -- its fourth straight gain.
Gold futures finished higher on a weakening greenback, following Trump's criticism of the Fed's recent rate hike. December-dated gold gained $5.40, or 0.5%, to settle at $1,200 per ounce.