Thread: Dow Jones Industrial Average Boasts Record Day; Nasdaq's Best Week of 2017

Dow Jones Industrial Average Boasts Record Day; Nasdaq's Best Week of 2017

July 14, 2017, 04:37:11 PM EDT By pmartin@sir-inc.com, Schaeffer's Research








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The Dow Jones Industrial Average (DJIA) had another record-setting day, building off the momentum of its last two sessions, and shrugging off a round of disappointing bank earnings . Bolstering stocks was a weak batch of inflation data, which -- along with Fed Chair Janet Yellen's recently dovish congressional testimony -- dimmed expectations for additional rate hikes in 2017. The S&P 500 Index ( SPX ) also finished higher, touching an all-time peak, while the Nasdaq Composite (COMP) strolled into the green for the sixth straight session. All three indexes closed the week higher, with the Nasdaq enjoying its best week since December, while the CBOE Volatility Index (VIX) marked its lowest close since 1993.
Continue reading for more on today's market, including:

• The bank stock signaling 'buy' before earnings.
• Twitter stock just did this for the first time ever.
• How options traders are playing this FAANG stock ahead of earnings.
• Plus, 2 outperforming stocks making short sellers sweat; the bank CEO popping off; and SNAP's rough week.

The Dow Jones Industrial Average (DJIA - 21,637.74) gained 84.7 points, or 0.4%, and reached an intraday high of 21,681.53. All but five Dow stocks ended in positive territory, led by a 1.7 % gain for Wal-Mart Stores. JPMorgan was the biggest loser, dipping 0.9%. The Dow added 1% for the week.



The S&P 500 Index (SPX - 2,459.27) tacked on 11.4 points, or 0.2%, and reached an intraday record of 2,464.54. It added 1.4% for the week. The Nasdaq Composite (COMP - 6,312.47) added 38 points, or 0.6%. It added 2.6% for the week, good for its best week of the year.
The CBOE Volatility Index (VIX - 9.51) shed 0.4 point, or 3.9%, for its lowest close since December 1993. For the week, the VIX dropped 15%.



5 Items on Our Radar Today:

1. President Trump said the U.S. is "like a dumping ground" for steel, and reiterated plans to curb imports with " quotas and tariffs " -- or, "Maybe I'll do both," he said. ( MarketWatch )
2. U.S. farmers urged caution to President Trump today, ahead of his renegotiation talks with the North American Free Trade Agreement (NAFTA) in a few weeks. While President Trump has criticized the NAFTA deal, U.S. farmers are lobbying to remind the president of its vast agricultural benefits. ( Reuters )
3. These 2 outperforming stocks could have short sellers kicking rocks.
4. JPMorgan CEO Jaime Dimon had some choice words for Washington.
5. SNAP stock floundered after more downgrades.

Data courtesy of Trade-Alert
Commodities
Oil rose again today, boosted by reports for higher oil demand this year, and and after the pace of domestic rig counts slowed to its lowest of the year. August-dated crude futures rose 46 cents, or 1%, to settle at $46.54 per barrel. For the week, oil gained 5.2%
Gold rose today, notching highest finish of the month, as the dollar slumped and economic reports indicated an interest rate hike may not be forthcoming. August-dated gold futures rose $10.20, or 0.8%, to settle at $1,227.50 an ounce. For the week, gold gained 1.5%.

http://www.nasdaq.com/article/dow-jo...-2017-cm816395

Article is better suited for Other Topics so moving from General Discussion. Thank you for posting the good news.