The DJIA, SPX, and COMP hit record closing highs, as crude oil futures jumped to their best close in almost three weeks
U.S. stocks fed off a rally in crude oil futures, sending the
Dow Jones Industrial Average (DJIA), the
S&P 500 Index (SPX), and the
Nasdaq Composite (COMP) to record highs. Oil prices surged after Saudi Arabia's oil minister suggested members of the Organization of the Petroleum Exporting Countries (OPEC) would discuss ways to steady the oil market next month, with the
International Energy Agency's (IEA) most recent supply outlook providing an extra lift. Meanwhile,
solid earnings from prominent retailers boosted investor sentiment ahead of tomorrow's report on retail sales.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,613.52) jumped 117.9 points, or 0.6%, hitting a record high of 18,638.34 along the way. All but three Dow components closed higher today, with Nike Inc (NYSE:NKE) pacing the 27 winners with a 2.9% pop. Wal-Mart Stores, Inc. (NYSE:WMT) was the biggest loser, falling just 0.2%.
The S&P 500 Index (SPX - 2,185.79) also hit an all-time high today, topping out at 2,188.45 before finishing with a gain of 10.3 points, or 0.5%. Not to be left out, the Nasdaq Composite (COMP - 5,229.20) rose 23.6 points, or 0.5%, to notch a record closing high.
The CBOE Volatility Index (VIX - 11.68) snapped its win streak with a 0.4-point, or 3.1%, loss.
5 Items on Our Radar Today:
- Several countries around the world have issued travel advisories for citizens heading to the United States. According to USA Today, France, the United Kingdom, Canada, and Germany, among others, have urged caution when traveling to the U.S., for reasons that include gun violence and anti-minority attitudes. (USA Today)
- Huffington Post founder Arianna Huffington has announced she's leaving the company to focus on a health-and-wellness startup, Thrive Global. Ms. Huffington co-founded the Huffington Post 11 years ago, and also serves on the board of private ride-sharing firm Uber. (Fox Business)
- How earnings crushed Shake Shack Inc's (NYSE:SHAK) options traders.
- What was behind the sudden LendingClub Corp (NYSE:LC) rally?
- Netflix, Inc. (NASDAQ:NFLX) bulls continue to eye triple-digit territory.
Data courtesy of Trade-Alert
Commodities:
Just a day after sinking on oversupply worries, oil prices surged higher, thanks to comments from Saudi Arabia's oil minister that suggested action could be taken to curb production. Plus, the IEA predicted the current supply glut would tighten in the second half of the year. As a result, September-dated crude oil futures jumped $1.78, or 4.3%, to end at $43.49 per barrel -- their highest close in nearly three weeks.
Gold prices, on the other hand, fell as stocks gained and the dollar strengthened. By the close, gold dated for December delivery was down $1.90, or 0.1%, at $1,350 per ounce.
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