Upbeat Economic Data Sends Nasdaq to Positive Finish

Gold pulled back as oil futures surged to multi-year highs

Managing Editor
Oct 3, 2018 at 4:36 PM
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U.S. stocks managed to finish the day higher as investors reacted to this morning's better-than-expected jobs data. The Dow marked its fifth straight gain, and earlier touched a fresh record high above 26,900. Rallying crude futures helped push energy stocks higher, while traders also cheered an upbeat reading from the ISM services index. Against this backdrop, the Nasdaq notched its first positive close this week.

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

  • 3 of the best Nasdaq stocks today.
  • Analyst: the refining stock in "a class of its own." 
  • Buy the dip on DDD.
  • Plus, GM's self-driving unit draws investors; Constellation stock eyes a key trendline; and one analyst gets bullish on chicken.

The Dow Jones Industrial Average (DJI - 26,828.39) finished up 54.5 points, or 0.2% -- a new all-time closing high to complement its record intraday peak of 26,951.81. Fifteen of the 30 Dow components closed higher, with Caterpillar (CAT) leading the pack on a 2.2% gain. Meanwhile, Procter & Gamble (PG) paced the 15 losers with a 1.6% drop.

The S&P 500 Index (SPX - 2,925.51) added 2.1 points, or 0.07%, while the Nasdaq Composite (IXIC - 8,025.09) climbed 25.5 points, or 0.3%.

The Cboe Volatility Index (VIX - 11.61) shed 0.4 point, or 3.6%.

Indexes oct 2

NYSE and Nasdaq Stats Oct 3

5 Items on our Radar Today

  1. Once again expanding its seemingly endless product line, Amazon (AMZN) today revealed a new Fire TV remote, one that specializes in supporting content for 4K and UHD. The product also features volume and mute buttons, backing the $10 increase in cost. (CNBC)
  2. Tech giant Dell today confirmed reports that it has met with financial advisers to explore a possible initial public offering (IPO) if its $21.7-billion effort to purchase the tracking stock of VMware (VMW) falls through. Dell has been privately held since October 2013. (Bloomberg)
  3. 2 big investors just bought into GM's self-driving cars.
  4. Constellation Brands stock eyes a key trendline before earnings
  5. Guggenheim just grew more bullish on chicken.

Corporate Earnings Oct 3

Unusual Options Activity October 3

Data courtesy of Trade-Alert

Oil Tags Another Multi-Year High

Oil marked a fresh four-year high, despite an 8-million barrel jump in domestic crude inventories, and a slimmer-than-forecast 500,000-barrel drawdown in gasoline supplies. Concerns about lost production from Iran were at the forefront after Secretary of State Mike Pompeo said the U.S. would terminate its 1955 Treaty of Amity with the country, clearing the path for sanctions set to go into effect next month. November-dated crude futures closed up $1.18, or 1.6%, at $76.41 per barrel. 

Gold fell from yesterday's near two-week highs, as upbeat economic data and a stronger dollar put a damper on demand. December-dated gold futures shed $4.10, or 0.3%, to close at $1,202.90 an ounce.     


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