Oil prices rose for a ninth straight session
The Dow explored a 311-point range on both sides of breakeven. Fueling the choppy trading were weakness in retail stocks after several retailers -- including Macy's (M) and Kohl's (KSS) -- reported dreary holiday sales numbers, uncertainty surrounding the ongoing government shutdown, and a warning on U.S. debt levels from Fed Chair Jerome Powell. However, Powell also echoed the relatively dovish tone toward interest rates heard in yesterday's Fed minutes, which helped the Dow, S&P 500, and Nasdaq eventually bring their daily win streaks to five.
Continue reading for more on today's market, including:
- Yelp options bears eye bigger losses.
- FAANG fears sank this cloud name.
- This education stock bull signal has never been wrong.
- Plus, call traders target weed stocks; Twitter gets a double upgrade; and a Wedbush top pick.
The Dow Jones Industrial Average (DJI - 24,001.92) closed near its session high, up 122.8 points, or 0.5%. Twenty Dow stocks finished in the green, led by Boeing's (BA) 2.6% pop. Pfizer (PFE) paced the 10 losers with its 2.4% decline.
The S&P 500 Index (SPX - 2,596.64) added 11.7 points, or 0.5%, to close north of its 32-day moving average for the first time since Dec. 3. The Nasdaq Composite (IXIC - 6,986.07) gained 28.9 points, or 0.4%.
The Cboe Volatility Index (VIX - 19.50) gave back 0.5 point, or 2.4%, for its lowest close since Dec. 3.
5 Items on our Radar Today
- In a tweet, President Donald Trump canceled his trip to a global economic summit later this month, citing the U.S. government shutdown. Trump tweeted, "Because of the Democrats intransigence on Border Security and the great importance of Safety for our Nation, I am respectfully cancelling my very important trip to Davos, Switzerland for the World Economic Forum." (Reuters)
- Ford Motor said it will make massive job cuts in Europe as part of broader restructuring efforts. The Detroit automaker said it will also shutter a factory in France, as it battles higher costs related to stiff emissions rules and slower growth. (New York Times)
- 3 weed stocks saw heavy call trading today.
- Twitter scored its fifth straight win on a double upgrade.
- Wedbush tapped this tech stock as a top pick.
Data courtesy of Trade-Alert
Oil Nabs Longest Win Streak Since 2010
Oil prices erased earlier losses to notch a ninth straight win, their longest daily win streak since 2010. February-dated crude futures settled up 23 cents, or 0.4%, at $52.59 per barrel.
Gold futures topped out just shy of the $1,300 per ounce mark overnight. However, gold for February delivery reversed course as the dollar strengthened, ultimately closing down $4.60, or 0.4%, at $1,287.40 an ounce.