Oil prices propped up the entire energy sector
Stocks had a strong showing today thanks to tailwinds out of the energy and retail sectors. Oil names got a boost from a bullish crude inventories update, while the latter group was seemingly boosted by earnings win for several retailers, including Tiffany (TIF). The Dow and S&P cruised to easy wins despite more concerns around the inverted yield curve, and the Nasdaq, which underperformed for much of the day, managed gains, as well.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,036.10) finished near session highs with a 258-point, or 1%, gain. Twenty-six of 30 Dow stocks closed higher, led by Dow's (DOW) 3.3% rise. Johnson & Johnson (JNJ) paced the losers with a 0.7% decline, and Intel (INTC) settled flat.
The S&P 500 Index (SPX - 2,887.94) rose 18.8 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,856.88) added 29.9 points, or 0.4%.
The Cboe Volatility Index (VIX - 19.35) dipped 1 point, or 4.7%.
5 Items on our Radar Today
- Secretary of Agriculture Sonny Perdue said today that President Donald Trump is working on a plan to increase demand for biofuels to help farmers. This comes after American farmers decried Trump's decision to grant a number of biofuel waivers to small oil refineries. (Reuters)
- Walmart (WMT) has been working on expanding its robust bakery business. Of note, the retail giant has created online ordering for its bakeries. Walmart says it sells 25% of the cakes in the U.S. (Yahoo Finance)
- Why options traders should consider these mining stocks.
- The latest bull note for Monster Beverage.
- In case you missed it: Schaeffer's Senior Quantitative Analyst Rocky White explains why fourth-quarter weakness could be coming for stocks.
Data courtesy of Trade-Alert
Oil Prices Have Strong Day on Inventory Update
Oil prices jumped today on the news of a steeper-than-expected drop in U.S. crude inventories. October crude futures finished up 85 cents, or 1.6%, to $55.78 per barrel.
Gold prices moved lower amid stronger demand for equities. December gold futures fell $2.70, or 0.2%, to end at $1,549.10 an ounce.