S&P Lands Record High; Dow Extends Win Streak

Oil logged a fourth straight gain, while gold retook $1,200 an ounce

Managing Editor
Aug 21, 2018 at 4:31 PM
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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%.

closing indexes summary august 21

nyse and nasdaq stats august 21

5 Items on our Radar Today

  1. 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)
  2. 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)
  3.  2 popular Apple put options.
  4. Founder and CEO Bernie Schaeffer on the ETF hit by fears of "eurozone contagion."
  5. 2 stocks shaken up by C-suite exits.

corporate earnings aug 21

unusual options volume aug 21

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.

 

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