All three benchmarks touched all-time highs today
The Dow Jones Industrial Average (DJIA) finished over 143 points higher, securing its fifth record close in six sessions, as well as a fourth straight weekly win. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) followed suit, notching their own record highs and weekly wins -- the fourth straight for the former index. The final Republican tax bill, which will likely feature a 21% corporate tax rate, is expected to debut today, with senators who initially opposed the bill now reportedly ready to vote for it.
Continue reading for more on today's market, including:
- 2 retail stocks signaling short-term caution.
- The stock that tripled on blockchain optimism.
- Analyst: Time to sell Fitbit stock.
- Plus, the retail stock sending up "buy" signals; ADBE's earnings beat; and an Apple supplier on sale.
The Dow Jones Industrial Average (DJIA - 24,651.74) finished 143.1 points, or 0.6%, higher, while notching a record intraday high of 24,688.62. The Dow gained 1.3% for its fourth straight weekly win. Intel (INTC) led 26 Dow stocks higher with its 3% win, while IBM (IBM) paced the four decliners with its 1% loss.
The S&P 500 Index (SPX - 2,675.81) finished 23.8 points, or 0.9%, higher, and touched an all-time intraday high of 2,679.63. It gained 0.8% for its fourth straight weekly win. The Nasdaq Composite (IXIC - 6,936.58) added 80.1 points, or 1.2%, while nabbing a record intraday peak of 6,945.82. It gained 1.4% for the week.
The CBOE Volatility Index (VIX - 9.42) lost 1.1 points, or 10.2%, and shed 1.7% for the week.
5 Items on Our Radar Today
- Bloomberg has added cryptocurrencies Ethereum, Litecoin and Ripple to its terminal, indicative of the digital currency explosion onto the mainstream financial landscape. Bloomberg declined to comment, but the addition of the crypto-asset pricing serves as another validation of the phenomenon's impact lately. (Fortune)
- U.S. industrial production rose by 0.2% in November, for the third straight month of gains. Production was boosted by oil-and-gas companies resuming activities following two months of hurricane-related disruption. For the year, industrial production has climbed 3.4%, its largest gain since 2014. (MarketWatch)
- Another retail stock with room to run.
- Breaking down a big earnings beat from Adobe Systems.
- This Apple supplier could be a bargain.
Data courtesy of Trade-Alert
Commodities
Crude slated for January delivery climbed 26 cents, or 0.5%, to close at $57.30 per barrel. Black gold gains were supported by the continued outage at the North Sea pipeline, as well as a declining number of active oil rigs last week, but were kept in check amid reports of climbing U.S. crude output. For the week, oil lost 0.1%, its third straight week in the red.
February-dated gold futures added 40 cents to settle at $1,257.50 an ounce. The metal also enjoyed a weekly win of 0.7%, its first in four weeks. The encouraging week can be attributed to no surprises from the Fed, as well as a weaker dollar.