Trump said he would sign a temporary funding bill that doesn't include money for a border wall
The Dow jumped out of the gate, as buzz over the Fed's balance sheet offset a negative earnings reaction for Intel (INTC). The bullish ball kept rolling after President Donald Trump signaled an end to the longest government shutdown in U.S. history. Specifically, POTUS said he would sign a stopgap spending bill that will reopen the government through Friday, Feb. 15, while lawmakers discuss funding for border security. The positive price action was enough for the Dow and Nasdaq to bring their weekly win streaks to five, though the S&P 500 couldn't overcome its weekly deficit.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,737.20) was up 306 points at its session high, before settling with a 183.9-point, or 0.8%, gain. Apple (AAPL) paced the 21 Dow advancers with its 3.3% pop, while Intel (INTC) led the nine decliners with its 5.5% drop. For the week, the Dow added 0.1%.
The S&P 500 Index (SPX - 2,664.76) added 22.4 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,164.86) jumped 91.4 points, or 1.3%. Week-over-week, the SPX fell 0.2%, and the IXIC edged up less than 0.01%.
The Cboe Volatility Index (VIX - 17.42) gave back 1.5 points, or 7.8%. The market's "fear gauge" shed 2.1% on the week for its third consecutive close below its 20-week moving average.
5 Items on our Radar Today
- The latest indictment from Special Counsel Robert Mueller's investigation was handed to Roger Stone, with the longtime adviser to President Trump charged with seven criminal counts, including lying to Congress about the events of the 2016 U.S. presidential election. Stone was released earlier today from a Florida court on a $250,000 bond. (Reuters)
- Morgan Stanley reiterated its "overweight" rating and $211 price target on Apple (AAPL) ahead of the tech titan's earnings report, due after the market closes next Tuesday, Jan. 29. The brokerage firm said "the recent pullback is an attractive entry point," and the FAANG stock is "pricing in extremely cautious iPhone replacement cycle and average selling price headwinds." (CNBC)
- This lawmaker is behind Citron's bullish Twitter call.
- Put traders blasted sinking Corcept Therapeutics after a scathing report.
- Oppenheimer thinks this penny stock can triple.
Data courtesy of Trade-Alert
Gold Extends Weekly Gain as Dollar Retreats
March-dated crude futures rose 56 cents, or 1.1%, to settle at $53.69 per barrel, as traders continued to eye political unrest in oil-rich Venezuela. However, oil prices gave back 0.7% on the week.
Gold for April delivery added $18.30, or 1.4%, to settle at $1,304.20 an ounce -- its highest close since June -- as the U.S. dollar declined. Comparing most active contracts, gold tacked on 1.7% for the week.