The energy sector sent the major indexes to record highs
Stocks resumed their 2018 rally today, with all three major indexes reaching a fresh record high. The impressive gains can be mostly accredited to the energy sector, with Chevron (CVX) stock leading the Dow's triple-digit rally. Traders also digested the latest inflation data, and Walmart (WMT) plans to boost wages and expand employee benefits following tax reform. Looking ahead, Wall Street will have its eye on the banking sector tomorrow, with JPMorgan Chase (JPM) set to kick off earnings season.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,574.73) picked up 205.6 points, or 0.8%, after peaking at 25,575.42. Chevron led the 26 Dow winners with a 3% gain, and American Express (AXP) paced the losers with a 0.5% loss.
The S&P 500 Index (SPX - 2,767.56) added 19.3 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,211.78) gained 58.2 points, or 0.8%. Both indexes closed at all-time highs.
The CBOE Volatility Index (VIX - 9.88) managed to pick up 0.1 point, or 0.6%.
5 Items on Our Radar Today
- The U.S. Treasury Department revealed the new tax withholding tables, to show how much will be taken out of employees' paychecks when the new tax law goes into effect. Treasury Secretary Steve Mnuchin estimated that about 90% of workers will see more take-home pay. (CNBC)
- Ford has issued an urgent warning to Ford Ranger owners to stop driving them until an airbag part can be replaced. The defective Takata inflator has been linked to at least 21 deaths worldwide in various car makes and models. (Reuters)
- SunPower stock flashes a 'buy.'
- Beware this Dow stock before earnings next week.
- Xerox options are cheap amid partnership rumors.
Data courtesy of Trade-Alert
February Oil and Gold Top Fresh Highs
Oil reached another three-year high today, as traders continued to digest an eighth straight weekly drop in domestic crude supplies. February-dated crude finished up 23 cents, or 0.4%, at $63.80 per barrel.
Amid hawkish comments from the European Central Bank (ECB), the U.S. dollar gave up ground against the euro, sending the price of gold higher. February-dated gold futures managed a $3.20, or 0.2%, lift, to settle at $1,322.50 per ounce.