Yellen & Company are widely expected to announce a rate hike tomorrow
The Dow Jones Industrial Average (DJIA) bolted into record-high territory today, as tech stocks staged a recovery after two days in the red. The rebound also helped to lift the Nasdaq Composite (COMP) out of the doldrums, following the index's worst two-day rout of 2017, and the S&P 500 Index (SPX) managed an all-time closing high. Investors seemingly shrugged off the testimony of Attorney General Jeff Sessions -- chock-full of denials about Russian ties -- and bank stocks and bond yields enjoyed a lift ahead of tomorrow's conclusion of the Fed's June meeting, with Janet Yellen & Company widely expected to announce a rate hike.
Continue reading for more on today's market, including:
- Why the tech slump may have been a "buy" signal.
- The lower guidance that cut into Cheesecake Factory stock.
- How one options trader is betting on a post-Fed dip for housing stocks.
- Plus, a surging textile stock; Goodyear's potential; and 3 stocks the victim of downgrades.
The Dow Jones Industrial Average (DJIA - 21,328.47) peaked at a record high of 21,332.77, before settling on a gain of 92.8 points, or 0.4%. DuPont stock led the 22 advancing blue chips, adding 2.1%, while General Electric paced the eight laggards with a 1.7% pullback.
The S&P 500 Index (SPX - 2,440.35) added nearly 11 points, or 0.5%, to lock in a new all-time closing high. The Nasdaq Composite (COMP - 6,220.37) outperformed its peers on a percentage basis, rebounding 44.9 points, or 0.7%.
The CBOE Volatility Index (VIX - 10.42) staged a retreat, as traders whet their appetites for risk. By the close, the "fear gauge" was down 1 point, or 9.1%.
5 Items on Our Radar Today:
- Apple offered a $1 billion green bond designed to promote financing clean energy projects. It's the first green bond offered since President Trump backed out of the Paris climate agreement. (Reuters)
- Dana Shell Smith, the U.S. ambassador to Qatar, will resign this month, ending her three-year run. The timing of the resignation is precarious, given the tensions between Qatar and several other Middle Eastern countries. (CNBC)
- This textile stock was the darling of Wall Street today.
- Check out why Goodyear stock could continue to climb.
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Downgrades cut into these 3 stocks.
Data courtesy of Trade-Alert
Commodities
Oil shot up again today for a third straight session, despite a monthly report showing increased production from the Organization of the Petroleum Exporting Countries (OPEC) in May. July-dated crude futures rose 38 cents, or 0.8%, to $46.46 per barrel.
Gold fell for the fifth straight day, as traders braced for the likely Fed decision to raise interest rates. August-dated gold futures fell 30 cents, or 0.1%, to settle at $1,268.60 an ounce.