Both the DJIA and the SPX conquered round-number levels, after the Fed released September meeting minutes
The Dow Jones Industrial Average (DJIA) traded in a 222-point range today, spending time on both sides of breakeven. The minutes from the Fed's September meeting helped stoke a burst of late-afternoon buying power -- and push the Dow to its fifth straight win, as well as a close north of 17,000. This area -- with a little assistance from the Fed -- put a halt to the blue-chip barometer's mid-September rally. Elsewhere, the S&P 500 Index (SPX) was successful in taking out the round-number 2,000 mark, closing north of here for the first time since Aug. 20.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,050.75) added 138.5 points, or 0.8%, to close north of 17,000 for the first time since Aug. 19. Nike Inc (NYSE:NKE) paced the 24 advancers with its 2.3% win, while Apple Inc.'s (NASDAQ:AAPL) 1.2% loss led the four decliners. American Express Company (NYSE:AXP) and JPMorgan Chase & Co. (NYSE:JPM) were unchanged.
The S&P 500 Index (SPX - 2,013.43) outpaced its peers, tacking on 17.6 points, or 0.9%. The Nasdaq Composite (COMP - 4,810.79) erased an earlier deficit to gain 19.6 points, or 0.4%.
After breaching the 17 mark in intraday action for the first time since Aug. 20, the CBOE Volatility Index (VIX - 17.42) eventually settled down 1 point, or 5.3%.
5 Items on Our Radar Today:
- The minutes from the Federal Open Market Committee's (FOMC) September meeting showed the central bank was concerned that recent events would raise "downside risk" to the economy
. Additionally, although this risk wasn't enough to significantly alter the Fed's view of the economy, the FOMC felt "it was prudent to wait for additional information." (CNBC)
- House Majority Leader Kevin McCarthy, R-Calif., has taken his name out of contention to replace John Boehner, R-Ohio, as Speaker of the House, after Boehner announced his resignation just two weeks ago. McCarthy was largely considered the front-runner, and his decision has reportedly left House Republicans "absolutely stunned." (Bloomberg)
- NFLX was off more than 5% at its session low, until news of a revamped pricing plan sent the shares soaring 6%.
- The bullish brokerage note that helped buoy El Pollo LoCo Holdings Inc (NASDAQ:LOCO) to a big win.
- Amazon.com, Inc. (NASDAQ:AMZN) took a big swipe at Etsy Inc (NASDAQ:ETSY), sending shares of the latter sharply lower.
Commodities:
A big rally in Chinese stocks and Russia's escalating military presence in Syria sent crude oil soaring today, with black gold briefly climbing above $50 in intraday action. By the close, the November-dated contract was up $1.62, or 3.4%, at $49.43 per barrel.
Gold for December delivery closed down $4.40, or 0.4%, $1,144.30 per ounce. However, following the Fed minutes, the malleable metal turned higher in after-hours action.