The Dow and S&P managed another record high
The Dow grabbed another record high today and a fourth straight win, as a big day for McDonald's (MCD) offset dismal price action out of the tech sector. Meanwhile, the S&P 500 Index gave back all of its daily gains, despite hitting a fresh high of its own, while the Nasdaq underperformed once again. In fact, the Nasdaq closed the week in the red, even as the Dow enjoyed its best weekly performance since July. Looking ahead, traders will now be preparing for next week's Fed policy decision.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,743.50) finished up 86.5 points, or 0.3%, after managing another all-time high. Twenty-one of the 30 Dow stocks closed in the black, with MCD's 2.8% rise leading the way. At the bottom of the Dow was Intel (INTC) and Walt Disney (DIS), both shedding 1.1%. The Dow jumped 2.3% this week.
The S&P 500 Index (SPX - 2,929.67) rallied early on and hit a record high, but ultimately gave back 1.1 point, or 0.04% -- though it finished the week up 0.8%. Meanwhile, the Nasdaq Composite (IXIC - 7,986.96) actually closed near its session lows, dipping 41.3 points, or 0.5%, bringing its weekly deficit to 0.3%.
The Cboe Volatility Index (VIX - 11.68) closed down 0.1 point, or 1%, losing 3.2% for the week.
5 Items on our Radar Today
- Farfetch (FTCH), an online luxury retailer, became the latest big IPO winner. The stock's initial public offering (IPO) was priced at $20 per share, and it opened for trade today at $27 before peaking at $30.60, and closing at $29.47. This follows another successful IPO from ticket sales specialist Eventbrite (EB). (Reuters)
- Twitter (TWTR) today said it fixed a bug that could have exposed users' direct messages with outside developers. The issues supposedly impacted less than 1% of Twitter users, though the company continues to investigate. (CNBC)
- Garmin stock is flashing a bullish signal.
- Put options popped on this retailer ahead of earnings.
- 2 bank stocks to ditch now.
Data courtesy of Trade-Alert
Oil Prices Cap Off Solid Week with Win
Oil prices moved higher today, with November-dated crude futures picking up 46 cents, or 0.7%, to close at $70.78 per barrel. Comparing most active contracts, oil added 2.6% this week.
The strong showing from stocks and a firmer dollar put pressure on gold today, with December gold futures closing down $10, or 0.8%, at $1,201.30 an ounce. Gold managed a 20-cent win on the week.