The National Association of Home Builders (NAHB) housing market index unexpectedly dipped in May
It was a historic day for the
Dow Jones Industrial Average (DJIA) and
S&P 500 Index (SPX), as both benchmarks
built on last week's momentum to
notch record highs. Specifically, the Dow hurdled the 18,300 level for the first time ever, while the SPX flirted with 2,130. On the economic front, it was a light day for data, with just the National Association of Home Builders (NAHB) housing market index hitting the Street -- and disappointing economists. Meanwhile, Chicago Fed President Charles Evans
took a dovish tone ahead of the central bank's meeting minutes, slated for release
later this week, and worries are mounting that Greece may be close to defaulting on an International Monetary Fund (IMF) loan.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,298.88) topped out at a record 18,325.54, before settling on a 26.3-point, or 0.1%, gain. Fourteen of the Dow's 30 components ended higher, led by Intel Corporation's (NASDAQ:INTC) 1.2% advance. Chevron Corporation (NYSE:CVX) paced the 16 blue-chip decliners, with a loss of 1.3%.
The S&P 500 Index (SPX - 2,129.20) hit a record 2,131.78, before settling on a lead of 6.5 points, or 0.3%. The Nasdaq Composite (COMP - 5,078.44) added 30.2 points, or 0.6%, to outpace its benchmark peers.
The CBOE Volatility Index (VIX - 12.73) added 0.4 point, or 2.8%, but again failed to take out the 13 level.
5 Items on Our Radar Today:
- The NAHB housing market index surprisingly dropped in May, to 54 from 56 a month prior. "Consumers are exhibiting caution, and want to be on more stable financial footing before purchasing a home," David Crowe, NAHB's chief economist, explained in a release. (Business Insider)
- The IMF said consumers are not paying high enough energy costs, as current fossil fuel prices fail to account for their negative health and environmental impact. Specifically, the IMF estimates consumers are underpaying by about $5 trillion per year. (FOX Business)
- The streaming video giant that just won't quit.
- An uninspiring investor day weighed on this solar stock.
- How things keep getting worse for Keurig Green Mountain Inc (NASDAQ:GMCR).
Commodities:
Crude oil struggled under the weight of a stronger dollar and a negative price outlook from Goldman Sachs. By day's end, crude for June delivery was down 26 cents, or 0.4%, at $59.43 per barrel.
Gold futures rose for a fifth day in a row, as uncertainty mounted ahead of the Fed's April meeting minutes and fears arose over Greece's ability to repay the IMF next month. By the close, the June-dated contract was up $2.30, or 0.2%, to settle at $1,227.60 per ounce.