The DJIA extended its daily win streak to 11 and its weekly win streak to three
The Dow Jones Industrial Average (DJIA) tumbled out of the gate to spend most of the day in negative territory, but a last-minute burst of buying power had the blue-chip barometer extending its historical win streak to 11. While financial and energy shares weighed heavily throughout the session, consumer discretionary stocks outperformed. Traders also digested a batch of mixed economic data. Elsewhere, though President Donald Trump's address at the Conservative Political Action Conference (CPAC) did little to shed light on his administration's policy promises, Wall Street is hoping next Tuesday's speech in front of Congress will offer more details to Trump's agenda items. With today's eleventh-hour win, the Dow notched a fresh record closing high and a third straight weekly win, while the S&P 500 Index (SPX) also settled at an all-time peak and logged its fifth consecutive weekly advance.
Continue reading for more on today's market, including:
- Is it time to buy this "Trump trade" penny stock?
- The retail ETF that just flashed a bearish signal.
- Options traders are getting a bargain on this semiconductor stock.
- Plus... the analyst hyping Apple highs, the surging biotech stock, and what Gap CEO Art Peck is bullish on.
The Dow Jones Industrial Average (DJIA - 20,821.76) managed to notch its 11th consecutive win, adding 11.4 points, or 0.05% for the day, and 1% for the week. Of the 30 Dow components, Wal-Mart Stores Inc (NYSE:WMT) added 1.5% to lead the 20 winners, while Goldman Sachs Group Inc (NYSE:GS) declined 1.5%, the most of the nine Dow losers. Microsoft Corporation (NASDAQ:MSFT) finished flat for the day.
The S&P 500 Index (SPX - 2,367.34) added 3.5 points, or 0.1%. Week-over-week, the SPX gained 0.7%, for its fifth consecutive weekly win. The Nasdaq Composite (COMP - 5,845.31) added 9.8 points, or 0.2% for the day, bringing its weekly gains to 0.2% -- also a fifth straight weekly advance.
The CBOE Volatility Index (VIX - 11.47) dropped 0.2 point, or 2.1%, bringing its week-to-date losses to 0.2%.
5 Items on Our Radar Today
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The U.S. Federal Communications Commission (FCC) announced it will block new
data security rules for broadband providers, which were set to be implemented on March 2. The rules, approved by the Obama administration, hold broadband providers to stricter privacy standards than normal websites, citing lower competition within the sector. However, the Trump administration stated the stricter rules unfairly favored certain companies operating in the online sphere.
(Reuters)
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Cloud company Cloudflare revealed a serious
data breach today, announcing potential data leaks for more than five million websites.
(TechCrunch)
- The analyst that thinks Apple Inc. (NASDAQ:AAPL) is headed for record highs.
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- The brand Gap Inc (NYSE:GPS) CEO Art Peck is "bullish" on.
Data courtesy of Trade-Alert
Commodities
April-dated crude futures slipped 46 cents, or 0.8%, to close the week at $53.99 per barrel, but held on for a weekly gain of 1.1%. A weekly rise in U.S. rig counts overshadowed continued Organization of the Petroleum Exporting Countries (OPEC) output cuts, with the United Arab Emirates and Iraq promising to step up reduction efforts.
April-dated gold futures added $6.90, or 0.6%, finishing the day at $1,258.30 per ounce, a three-and-a-half month high, as the U.S. dollar weakened. Week-over-week, the precious metal added 1.6% -- its fourth straight week of gains.
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