Cisco earnings helped push the DJI back above 25,000
The Dow notched its fourth triple-digit gain in five sessions, and its fifth straight win -- the index's longest winning streak since December. Well-received earnings for Cisco Systems (CSCO) boosted the blue-chip barometer back above 25,000, and another hot day for tech stocks helped Wall Street shake off concerns about rising inflation. As such, the S&P and Nasdaq also extended their winning streaks to five days -- a feat not accomplished since early January.
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The Dow Jones Industrial Average (DJI - 25,200.37) explored a range of nearly 400 points, advancing 306.9 points, or 1.2%, by the close. It was the index's first finish north of 25,000 since Feb. 2. CSCO stock topped the 27 advancing blue chips, adding 4.7%, while UnitedHealth (UNH) led the laggards with a 1.2% dip.
The S&P 500 Index (SPX - 2,731.20) added 32.6 points, or 1.2%, by the close. The Nasdaq Composite (IXIC - 7,256.43) gained 112.8 points, or 1.6%, toppling its 20-day moving average for the first time since Feb. 1.
The CBOE Volatility Index (VIX - 19.13) fell for a fifth straight day, surrendering 0.1 point, or 0.7%. It's the longest losing streak for the "fear gauge" since December.
5 Items on Our Radar Today
- McDonald's is looking to cut the calorie count of its Happy Meals by 20%, on average, to under 600 by 2022. The fast-food chain will no longer serve cheeseburgers in the kids' meals, unless specially requested, and will begin adding a bottled water option later this year. (CNNMoney)
- The number of cryptocurrency hedge funds more than doubled in the past four months, to 226 from 110 in mid-October. However, the funds lost an average of 4.6% in January, per data from Eurekahedge. (Reuters)
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- The retail stock that could surge next week.
- Why traders should sell Newfield Exploration (NFX) stock before the weekend.
Data courtesy of Trade-Alert
Weaker Dollar Lifts Oil Prices
A weaker greenback translated into gains for dollar-denominated oil prices. By the close, March-dated crude futures added 74 cents, or 1.2%, to end at $61.34 per barrel.
Gold futures pulled back from a three-week high, as a rally in U.S. equities dulled demand for the "safe haven" asset. April-dated gold dropped $2.70, or 0.2%, to end at $1,355.30 an ounce.