Another Big Day Sends Dow to Record High

Wall Street seems to be getting over its trade concerns

Sep 20, 2018 at 4:29 PM
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The U.S. stock market had a record-breaking session, with equities rising to record levels. The Dow notched a triple-digit win for a third straight day and hit an all-time high, while the S&P 500 Index extended its daily win streak to three, as well, to hit a new high of its own. The Nasdaq also gained thanks to a big comeback from the tech sector. Traders' risk-on approach seemingly stemmed from receding trade fears, providing a boost for names like Caterpillar (CAT) and Boeing (BA).

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

The Dow Jones Industrial Average (DJI - 26,656.98) soared for a third straight session and again finished near session highs, touching an all-time peak of 26,697.49 along the way. At the close, the index was up 251.2 points, or 1%. Only two Dow stocks, Home Depot (HD) and Chevron (CVX), finished in the red, while Intel (INTC) paced the 28 winners with a 2.3% rise.

The S&P 500 Index (SPX - 2,930.75) rose 22.8 points, or 0.8%, after peaking at 2,934.80, and the Nasdaq Composite (IXIC - 8,028.23) added 78.2 points, or 1%.

The Cboe Volatility Index (VIX - 11.80) also closed higher, picking up 0.05 point, or 0.4%.

Closing Indexes Sept 20

NYSE and Nasdsaq Sept 20

5 Items on our Radar Today

  1. Amazon revealed a number of new Echo devices today in a surprise presentation. Products unveiled included a voice-controlled microwave and the Echo Auto, which allows users to talk to their cars. (Reuters)
  2. Bank heavyweight Wells Fargo is laying off up to 10% of its workforce in an effort to address "industry trends and changes in customer behavior." The layoffs will take place over the next three years. (CNBC)
  3. Drugmaker Endocyte is flashing a "buy" signal.
  4. Why this medical device stock had its worst day in almost two years.
  5. Target AMD stock ahead of the Fed meeting.

Corporate Earnings Chart Sept 20

Unusual Options Activity Sept 20

Data courtesy of Trade-Alert

Oil Prices Down After Trump Tweet

Oil prices moved lower today, with traders considering President Donald Trump's tweet about the Organization of the Petroleum Exporting Countries (OPEC) needing to lower crude prices. Newly front-month November-dated crude futures finished down 45 cents, or 0.6%, at $70.32 per barrel.

Another down day for the dollar helped lift gold prices today. December-dated gold finished up 3 cents, or 0.2%, at $1,211.30 an ounce.

 

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