Dow, S&P 500 Eke Out Third-Straight Record Close

Stocks struggled for direction most of the day

Assistant Editor
Aug 12, 2021 at 4:29 PM
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The Dow and S&P 500 scraped together wins today in a relatively quiet trading session. Both indexes still managed their third-straight record close though, climbing to session highs in the final minutes of today's trading. Investors unpacked encouraging jobless claims data -- which showed continued recovery from last year's recession -- as well as the latest inflation data. The tech-heavy Nasdaq managed a modest win of its own after falling in the two previous trading days. After the close, investors will be eagerly awaiting the quarterly report from streaming and entertainment giant Walt Disney (DIS).

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

  • Sonos stock scored upgrades after earnings.
  • A look at La-Z-Boy stock ahead of earnings.
  • Plus, Micron Technology downgraded; BMBL's puzzling fall; and options Palantir traders are eyeing.

The Dow Jones Average (DJI - 35,499.85) rose 14.9 points, or 0.04% for the day. Salesforce.com (CRM) topped the list of 30 Dow winners, rising 2.5%, while Visa (V) fell 1.3% to pace the laggards.

The S&P 500 Index (SPX - 4,460.83) added 13.1 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,816.26) rose 51.1 points, or 0.4%, for the day.

Lastly, the Cboe Volatility Index (VIX - 15.59) lost 0.5 point, or 2.9%, for the day.

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  1. In an attempt to fight ongoing fraud, the U.S. Labor Department is putting $240 million into the unemployment system. (CNBC)
  2. Here's the end to one Texas senator's 15-hour filibuster in defiance of new voting measures. (MarketWatch)
  3. One analyst pumps the brakes on Micron Technology stock.
  4. A revenue beat couldn't save Bumble stock.
  5. Why options bulls blasted Palantir stock.

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Oil Slides Following Output Pleas

Following two days of gains, oil prices stabilized today after the U.S. called for the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to boost supplies. That urging reinforced supply concerns amid easing Covid-19 restrictions. As a result, September-dated crude lost 16 cents, or 0.2%, to settle at $69.09 a barrel for the day.

Gold prices slid today, as a firmer dollar and rising bond yields put pressure on the safe-haven metal. However, concerns surrounding when the central bank will taper economic support helped bullion stay near the psychological $1,750 mark. The most active contract, December-dated gold, shed $1.50, or 0.1%, to settle at $1,751.80 an ounce today.

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