The Dow and S&P extended their winning streaks
Stocks sailed to record highs out of the gate today, as Wall Street cheered a strong start to earnings season from big bank Citigroup (C). This positive momentum stalled as the session progressed, as caution set in ahead of an onslaught of corporate updates due out this week -- including from blue chips Goldman Sachs (GS), JPMorgan Chase (JPM), and Johnson & Johnson (JNJ), all due out tomorrow morning. The Dow, S&P, and Nasdaq eventually settled at fresh closing peaks, with the former two extending their winning streaks to four and five, respectively.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 27,359.16) hit a record intraday peak of 27,364.69, before settling up 27.1 points, or 0.1%. Dow (DOW) led the 19 blue-chip advancers with its 2.3% gain, while JPMorgan Chase (JPM) paced the 11 decliners with its 1.3% drop.
The S&P 500 Index (SPX - 3,014.30) closed just below the all-time high of 3,017.80 tagged in intraday action, adding 0.5 point, or 0.02%. The Nasdaq Composite (IXIC - 8,258.19) notched a new intraday peak of 8,264.78, closing with a 14-point, or 0.2%, gain.
The Cboe Volatility Index (VIX - 12.68) added 0.3 point, or 2.3%.
5 Items on our Radar Today
- Reports are swirling President Donald Trump is considering replacing Commerce Secretary Wilbur Ross after the Supreme Court ruled against the administration's efforts to add a citizenship question to the 2020 census. The rumors follow last week's resignation of Labor Secretary Alex Acosta, and the White House has declined to comment. (CNBC)
- Treasury Secretary Steven Mnuchin chimed in on cryptocurrency today, saying the department has "been very clear to Facebook ... and other providers of digital financial services that they must implement the same anti-money laundering safeguards in countering the financing of terrorism as traditional financial institutions." Last week, Trump took to Twitter to complain about digital currencies, including Facebook's Libra. (Reuters)
- The news that had Aurora Cannabis stock bouncing.
- Pre-earnings call traders are blitzing Microsoft.
- The reason UBS downgraded outperforming General Electric stock.
Data courtesy of Trade-Alert
Oil Drops as Barry Weakens to Tropical Depression
Oil prices fell today as the threat of tropical depression Barry eased, and the Energy Information Administration raised its U.S. shale oil output forecast for August. Crude for August delivery closed down 63 cents, or 1.1%, at $59.58 per barrel.
Gold prices edged up, building on last week's Fed-induced gains. August-dated gold added $1.40 to settle at $1,413.50 an ounce.