The Nasdaq traded on both sides of breakeven toward the late afternoon
With the U.S. and Canada's successful trade deal emerging as the top headline today, stocks started the first session of the fourth quarter on strong footing. The Dow gapped higher to mark its third straight daily win, but the S&P and Nasdaq struggled to maintain their positive momentum. While the S&P managed a narrowly positive finish, the Nasdaq backed down from an early push above 8,100 to close modestly lower.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,651.21) finished 192.9 points, or 0.7%, higher. Of the 30 Dow components, 23 closed in the black, with Boeing (BA) taking the top spot with a 2.8% lift. Meanwhile, Intel (INTC) paced the seven losers with a 1.8% drop.
The S&P 500 Index (SPX - 2,924.59) added 10.6 points, or 0.4%. The Nasdaq Composite (IXIC - 8,037.30) was up 61 points at its session high, but ultimately closed down 9 points, or 0.1%.
The Cboe Volatility Index (VIX - 12.00) shed 0.1 point, or 1%.
5 Items on our Radar Today
- Facebook (FB) named Adam Mosseri as the new head of Instagram, following last week's sudden resignation of the social media site's co-founders Kevin Systrom and Mike Krieger. Mosseri has worked at Facebook since 2008, and will begin his new duties effective immediately. (CNBC)
- Another noteworthy leadership change today came from Pfizer (PFE), which named current Chief Operating Officer Albert Bourla as its new CEO effective in January -- replacing Ian Read after eight years on the post. Read, who will assume the role of executive chairman, is leaving the CEO role amid rising pressure from the White House over drug pricing. (Reuters)
- Analysts just shared 2 must-buy pharma stocks.
- General Electric scored its best day in months after a surprise CEO swap.
- PepsiCo stock sees bearish attention ahead of earnings.
There were no earnings of note today.
Data courtesy of Trade-Alert
Oil Settles Near Four-Year High
Oil continued to outperform today, lifted by optimism over the NAFTA renegotiation and concerns over Iranian output. November-dated crude futures closed up $2.05, or 2.8%, at $75.30 per barrel -- the highest settlement for a front-month contract since November 2014.
Gold futures struggled in today's session, as the U.S. dollar rose. December gold fell $4.50, or 0.4%, to finish at $1,191.70 an ounce.