The Dow and S&P avoided a third straight weekly loss
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both managed record highs today, even though trading action was muted in the shortened session. The Dow Jones Industrial Average (DJIA) also had a strong day, as Wall Street digested mostly upbeat headlines about Black Friday shopping. A number of retail stocks outperformed as a result -- including Amazon (AMZN), which hit record highs thanks to reports of potentially record-setting U.S. digital sales. This caps off what's been a strong week for U.S. markets, as the Dow successfully dodged a rare third straight weekly loss.
Continue reading for more on today's market, including:
- Our founder and CEO Bernie Schaeffer examines the gold ETF with soaring short interest.
- As the holiday season gets underway, options traders are placing bullish bets on UPS stock.
- Buy put options on this healthcare stock.
- Plus, analysts pound the table on one outperformer; the Saudi weapons deal that propped up one Dow stock; and a mixed finish for commodities.
The Dow Jones Industrial Average (DJIA - 23,557.99) grabbed its third win of the week, picking up 31.8 points, or 0.1%. Twenty-one of 30 Dow stocks closed in positive territory. The biggest winner was Visa (V), adding 1%, and the biggest losers were Caterpillar (CAT) and American Express (AXP), which both fell 0.4%. The Dow ends the week with a 0.9% gain.
The S&P 500 Index (SPX - 2,602.42) touched a record high of 2,604.21 mid-session, and settled with a 5.3-point, or 0.2%, win. The Nasdaq Composite (IXIC - 6,889.16) also touched an all-time best of 6,890.02 before closing up 21.8 points, or 0.3%. The SPX added 0.9% for the week and the Nasdaq picked up 1.6%.
The CBOE Volatility Index (VIX - 9.67) closed down 0.2 point, or 2.1%, and ended the week 15.4% lower. The VIX hit an all-time intraday low of 8.56 in today's trading.
5 Items on Our Radar Today
- According to Adobe Analytics, online sales for Black Friday are so far showing a sharp increase compared to last year's numbers. Specifically, Adobe notes that the $640 million already spent as of 10 a.m. ET marked an 18% increase from last year. (CNBC)
- More than 230 people are dead after militants attacked a mosque in Egypt, marking the deadliest attack in modern history for the country. After a bomb was set off inside the mosque, dozens of gunmen were waiting outside to shoot at those trying to escape. (Reuters)
- Analysts are calling for higher highs from this outperforming stock.
- Bernie Schaeffer explains why booting GE stock could be bad news for the Dow.
- The Saudi deal lifting Boeing stock.
Data courtesy of Trade-Alert
Commodities
January-dated crude futures were last seen up $0.86, or 1.5%, at $58.88 per barrel, as oil prices get a lift ahead of next week's Organization of the Petroleum Exporting Countries (OPEC) meeting, thanks in part disruptions in the Keystone pipeline. For the week, oil is pacing to add roughly 4%.
On the other hand, gold prices dropped amid the rise in stocks, even as the dollar fell. Gold futures for December delivery ended down $4.90, or 0.4%, at $1,287.30 per ounce. The precious metal ends the week down 0.7%.