Higher oil prices and strong earnings from Dow components kept the DJIA atop 18,000
The
Dow Jones Industrial Average (DJIA) grabbed its second win of the week, overcoming a midday slump to close at
another nine-month high. Rising crude oil futures sent the Dow nearly 100 points higher early on, after
Kuwait slashed crude output amid a labor strike.
Strong earnings from blue chips only added to the risk-on backdrop -- although Dow stock
International Business Machines Corp. (NYSE:IBM) sat out the day's uptrend. While the
S&P 500 Index (SPX) followed the Dow higher, dismal performances from tech stocks like
Netflix, Inc. (NASDAQ:NFLX) and Illumina, Inc. (NASDAQ:ILMN) weighed on the
Nasdaq Composite (COMP).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,053.60) added 49.4 points, or 0.3%, for its best close since July 20. Goldman Sachs Group Inc (NYSE:GS) led the 21 Dow advancers with its 2.3% post-earnings win. IBM's 5.6% plummet paced the nine losers.
The S&P 500 Index (SPX - 2,100.80) also moved higher, gaining 6.5 points, or 0.3%, to close atop 2,100 for the first time since Dec. 1. However, the Nasdaq Composite (COMP - 4,940.33) underperformed, falling 19.7 points, or 0.4%.
The CBOE Volatility Index (VIX - 13.24) fell 0.1 point, or 0.8%, breaching the 13 level in intraday trade for the first time since Oct. 28.
5 Items on Our Radar Today:
- Aside from announcing better-than-expected first-quarter earnings this morning, insurance giant UnitedHealth Group Inc (NYSE:UNH) said it plans to exit most state insurance exchanges set up for the Affordable Care Act, or Obamacare. CEO Stephen Hemsley predicted the company would be out of most states by 2017, which some believe could drive up premiums for some consumers. (CNN)
- Target Corporation (NYSE:TGT) will reportedly be the latest retailer to increase minimum wage for its employees, joining the likes of Gap Inc (NYSE:GPS) and Wal-Mart Stores, Inc. (NYSE:WMT). The company is expected raise its minimum wage to $10 per hour starting in May. (Reuters, via NBC News)
- 3 reasons silver took off today.
- What to expect when these 2 Dow components report earnings.
- Can QUALCOMM, Inc. (NASDAQ:QCOM) snap its post-earnings losing streak?
Data courtesy of Trade-Alert
Commodities:
Crude oil futures broke a four-day losing streak, as global supplies dropped amid striking workers in Kuwait and pipeline outages in Venezuela and Nigeria. At the close, May-dated crude futures were up $1.30, or 3.3%, at $41.08 per barrel.
Gold shot higher alongside other metals -- thanks to a cooling greenback. By session's end, June-dated gold had added $19.30, or 1.6%, to close at $1,254.30 per ounce.
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