The DJIA, SPX, and COMP all managed to hit new all-time highs for the second day in a row
The Dow Jones Industrial Average (DJIA) spent the day trading at record highs, with traders still digesting yesterday's tax plan comments from U.S. President Donald Trump. In addition, Trump met with Japanese Prime Minister Shinzo Abe, and promised a continuation of the U.S. and Japan's "very, very deep" friendship and trade ties. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) also notched new intraday highs, with energy stocks once again getting a lift from rebounding oil prices.
Continue reading for more on today's market, including:
- Apple Inc. (NASDAQ:AAPL) and 4 other stocks facing billion-dollar barriers.
- The pharmaceutical stock getting pounded by put players ahead of earnings.
- How Trump could help these 2 auto stocks pad their pockets.
- Plus, one semiconductor stock looking at potential headwinds, the video game stock on the rise, and an Apple supplier in short sellers' crosshairs.
The Dow Jones Industrial Average (DJIA - 20,269.37) notched yet another new all-time high of 20,298.21, and finished the day 0.5% higher, adding 98 points. Caterpillar Inc. (NYSE:CAT) led the 20 Dow leaders, with a gain of 2.5%, while The Coca-Cola Co (NYSE:KO) led the 10 losers, shedding 1.6%. For the week, the Dow gained 1%.
The S&P 500 Index (SPX - 2,316.10) also notched a new all-time high of 2,319.23. The SPX added 0.4%, or 8.2 points, for the day, and 0.8% for the week. The Nasdaq Composite (COMP - 5,734.13) also hit its own all-time best of 5,743.43, and finished up 19 points, or 0.3%, for the day, and up 1.2% for the week.
The CBOE Volatility Index (VIX - 10.85) fell fractionally, dropping 0.3% to end the week down 1.2%.
5 Items on Our Radar Today
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Ford Motor Company (NYSE:F) announced that it will be investing $1 billion over the next five years into a tech startup that aims to develop
self-driving technology. The startup, Argo AI, was founded by a former members of Alphabet Inc's (NASDAQ:GOOGL) and Uber's self-driving divisions, and hopes to have vehicles on the road by 2021. (CNBC)
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Fed Governor
Daniel Tarullo announced he will retire in April, ahead of the anticipated 2022 expiration of his term. Tarullo, who began his post in 2009, helped craft the Dodd-Frank banking regulations.
(Reuters)
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Analyst: This
video game stock is "becoming a story of multiple strong franchises."
- Why this outperforming Apple supplier is being targeted by short sellers.
Data courtesy of Trade-Alert
Commodities
March-dated crude futures rose 86 cents, or 1.6%, to finish at $53.86 per barrel, after the International Energy Agency (IEA) reported that the Organization of the Petroleum Exporting Countries (OPEC) members' crude output cuts were at 90% of the agreed volumes. For the week, oil prices eked out a 0.1% gain.
April-dated gold futures slipped for the second day in a row, dropping 90 cents, or 0.1%, to end at $1,235.90 per ounce. Expectations for President Trump's tax plan reveal, and chatter of a potential Fed interest rate hike, weighed on the precious metal. Despite today's drop, gold prices rose 1.2% for the week. Copper, meanwhile, skyrocketed to their highest point since May 2015, thanks to a mine strike in Chile and strong Chinese trade data.
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