Outstanding earnings from Procter & Gamble drove the Dow higher
U.S. stocks closed today mixed, with the Dow staying afloat on the back of impressive blue-chip earnings -- specifically, from American Express (AXP) and Procter & Gamble (PG). The S&P spent the session dancing around breakeven, eventually closing lower alongside the Nasdaq and struggling tech stocks. Regardless, both the Dow and S&P managed to hold onto positive territory for the week, while the Nasdaq suffered its third straight week in the red.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,444.34) tacked on 64.9 points, or 0.3%, for the day. Seventeen Dow stocks ended the day higher, with PG leading the way, closing up 8.8%. Meanwhile, Caterpillar (CAT) paced the 13 losers for the second day in a row, with a 2.7% drop. The blue-chip index added 0.4% on the week.
The S&P 500 Index (SPX - 2,767.78) shed 1 point, or 0.04%, and the Nasdaq Composite (IXIC - 7,449.03) lost 36.1 points, or 0.5%, for the day. For the week, the S&P gained 0.02% and the Nasdaq lost 0.6%.
The Cboe Volatility Index (VIX - 19.89) let go of 0.2 point, or 0.9%, in today's trading, and 6.2% for the week.
5 Items on our Radar Today
- A report out of the Wall Street Journal today said Amazon (AMZN) is honing in on the final choice for its new headquarters. Company executives have revisited a handful of the top 20 list of cities released earlier this year, and a permanent decision is expected to be made by the end of 2018. (CNBC)
- Apple (AAPL) CEO Tim Cook earlier today publicly demanded that Bloomberg retract its China hacking story, which was released earlier this month. Cook stated there was "no truth" behind the report that compromised motherboards impacted Apple servers, though Bloomberg continues to back its publishing and sources. (MarketWatch)
- The Dow stock upgraded on streaming potential.
- Analysts head to sidelines on eBay stock.
- Which oil stock is sporting pricey puts before earnings.
Data courtesy of Trade-Alert
Oil Falters for the Week, Surges on Day
Oil posted an impressive daily gain as concerns grew over the missing U.S. Saudi-based journalist, and amid signs of surging demand from China. November-dated crude added 47 cents, or 0.7%, to settle at $69.12 per barrel for the day, and posted a 3.1% decline for the week.
Gold futures suffered a daily loss but managed to gain on the week, as investors continued to flock toward the precious metal for refuge from a volatile market. December-dated gold fell $1.40, or 0.1%, to close at $1,228.70 per ounce for the day, but logged a 0.5% -- and third straight -- weekly gain.