It was a huge day for equities, with the S&P notching a record-high close
The Dow Jones Industrial Average (DJIA) got off to an exceptional start to the week, as stock buyers came back to the table in force. The Dow logged its biggest one-day point gain since March, and the S&P 500 Index (SPX) notched its highest close on record, as stocks rallied amid receding concerns surrounding Hurricane Irma and North Korea. The focus now shifts to Apple, as the tech giant gets set for its big product announcement tomorrow, where it's expected to reveal the new iPhones.
Continue reading for more on today's market, including:
- Short seller: This insurance stock will fall to $1.
- The Apple supplier that's screaming "buy."
- Home Depot, Disney options traders react to Harvey, Irma.
- Plus, GoPro stays hot; a coal stock ready to rally; and 2 airline stocks showing technical strength.
The Dow Jones Industrial Average (DJIA - 22,057.37) exploded for a 259.6-point, or 1.2%, gain, closing near its session high. All but two Dow stocks closed higher, led by DowDuPont, which added 3.1%. General Electric and Home Depot were the two losers, giving back 0.4% and 0.8%, respectively.
The S&P 500 Index (SPX - 2,488.11) added 26.7 points, or 1.1%, for its best close ever. The Nasdaq Composite (COMP - 6,432.26) picked up 72.1 points, or 1.1%.
The CBOE Volatility Index (VIX - 10.73) fell 1.4 point, or 11.5%.
5 Items on Our Radar Today
- U.S. Supreme Court Justice Anthony Kennedy put a hold on an appellate court decision that limited parts of President Trump's refugee ban. SCOTUS is scheduled to rule on whether the travel ban discriminates against Muslims in October. (Reuters)
- Hurricane Irma has knocked out power for more than 6 million Florida residents -- almost two-thirds of the state. Making matters worse, parts of the state could be without power for more than a week. (CNBC)
- Call buying was again popular on red-hot GoPro stock.
- Why this coal stock could be ready to rally.
- 2 airline stocks that defied bearish analyst notes.
Data courtesy of Trade-Alert
Commodities
October-dated crude futures closed up 59 cents, or 1.2%, at $48.07 per barrel. Oil prices got a lift as investors considered the impact of Hurricane Irma, and as the U.S. dollar bounced.
Gold struggled today amid the rally in equities. After flirting with one-year highs last week, December-dated gold fell $15.50, or 1.2%, to end at $1,335.70 per ounce.