Dow Jones Industrial Average Nabs Record Close; Nasdaq Retreats as Tech Stocks Spiral

The Dow Jones Industrial Average (DJIA) closed at a record high, led by a surge in Pfizer stock and big gains for JPMorgan Chase shares ahead of next week's Fed meeting. And while the U.K. election results drew focus early on, it was a dramatic fall from grace for tech stocks that eventually captivated Wall Street's attention. In fact, after the S&P 500 Index (SPX) and Nasdaq Composite (COMP) hit new intraday peaks, both indexes tumbled to close the week at a loss, as a cautious tone from Goldman Sachs weighed on the outpeforming sector, and concerns about iPhone modems sent Apple stock to its worst day in over a year.

Continue reading for more on today's market, including:

• Beware the bank stock rally, if past is prologue.
• The analyst attention behind the Tesla stock reversal.
• The "buy" signal flashing for T-Mobile stock.

• Plus, the bank stock that sat out today's rally; Nvidia shares swing sharply lower; and the stocks to avoid during Fed week.

The Dow Jones Industrial Average (DJIA - 21,271.97) hit an all-time intraday peak of 21,305.35, before settling up 89.4 points, or 0.4%. Pfizer stock led 23 Dow stocks higher with its 3.2% gain, while Apple paced the decliners with its 3.9% drop. The Dow closed with a weekly gain of 0.3%.

The S&P 500 Index (SPX - 2,431.77) topped out at a record high of 2,446.20, before swinging to a 2-point, or 0.08%, loss. Likewise, the Nasdaq Composite (COMP - 6,207.92) nabbed an all-time best of 6,341.70, before closing down 113.8 points, or 1.8%. Week-over-week, the SPX and COMP gave back 0.4% and 1.6%, respectively.

The CBOE Volatility Index (VIX - 10.70) hit a 23-year low of 9.37, but closed up 0.5 point, or 5.3%. On the week, the market's "fear gauge" added 9.7%.

1. Rite Aid stock plunged more than 15% today -- hitting a three-year low -- on reports the Federal Trade Commission (FTC) is preparing to take steps to block the drugstore chain's proposed merger with Walgreens Boots Alliance (NASDAQ:WBA). WBA stock fell 1%. (Reuters)
2. Ahead of Fed week, a coalition of economists -- including former Minneapolis Fed President Narayana Kocherlakota -- released a letter urging the Fed to consider higher inflation rate targets. The group, called "Fed Up," is concerned a recession could ensue if the Fed keeps raising interest rates based on its low inflation goal. (CNBC)
3. Why this British bank stock sat out a broader surge in financial shares.
4. Despite hitting an analyst-induced record higher earlier, Nvidia stock closed down nearly 7%.

5. These are the worst stocks during Fed week, going back to 2015.

Data courtesy of Trade-Alert

Commodities

Oil ended higher, as a force majeure at a Nigerian oil field overshadowed another 21st consecutive weekly climb in the U.S. rig count. July-dated crude futures rose 19 cents, or 0.4%, to settle at $45.83 per barrel.  Still, black gold still ended the week down 3.8%, its third weekly loss in a row.

Gold fell for the third straight session, its longest losing streak since early May, as the dollar edged up following the U.K. election results. August-dated futures dropped $8.10, or 0.6%, to settle at $1,271.40 an ounce.  Gold fell 0.7% for the week, its first weekly drop in over a month.