Cisco Systems, Apple Help Dow Snap Losing Streak
Trade optimism also helped the DJI erase early gains
The Dow traded in a range of more than 560 points on both sides of breakeven, but ultimately closed higher.J.P. Morgan Chase (JPM) stock shot higher after Warren Buffett's Berkshire took a stake, and blue-chip Cisco Systems (CSCO) rallied to the top of the Dow after an impressive earnings report. A rebound in Apple (AAPL) stock also lifted the tech sector today, and helped overshadow a post-earnings drop from Walmart (WMT). In addition, trade optimism helped the major market indexes reverse early losses, amid reports that China and the U.S. are making progress ahead of an expected meeting at the G-20 summit later this month. As such, the Dow and S&P snapped their lengthy losing streaks, and the tech-rich Nasdaq logged a triple-digit gain.
Continue reading for more on today's market, including:
The off-the-radar FAANG trendline we're watching. 2 stocks battered amid Brexit backlash. Dump this oil stock before the Thanksgiving holiday. Plus, a bullish signal for Barrick Gold; the pharma stock that skyrocketed; and one homebuilder's dismal guidance.
The Dow Jones Industrial Average (DJI - 25,289.27) rose 208.8 points today, or 0.8%, with 22 of the 30 Dow stocks finishing higher. Cisco Systems was in the lead with a 5.5% gain, while Walmart brought up the rear after sinking almost 2%.
The S&P 500 Index (SPX - 2,730.20) tacked on 28.6 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,259.03) added 122.6 points, or 1.7%.
The Cboe Volatility Index (VIX - 19.98) was down nearly 6%, or 1.3 points.
5 Items on our Radar Today
Federal Judge Mark Walker announced that he will not be honoring Democratic U.S. Senator Bill Nelson's request to extend the deadline for Florida recount votes. Florida's 67 counties were expected to submit final recounts by 3 p.m. today. (CNBC)Google parent Alphabet (GOOGL) just made a"death cross" for the first time since June 2016. Alphabet becomes the second FAANG stock after Facebook (FB) to see its 50-day and 200-day moving averages cross bearishly. (MarketWatch) Barrick Gold stock could bounce after this bullish signal. The pharma stock that scaled the Nasdaq. Behind KB Homes' ugly forecast.
Data courtesy of Trade-Alert
Despite a Jump in Stockpiles, Oil Edges Higher
Even with the eighth straight weekly increase in domestic crude inventories, oil prices inched higher today.Oil for December delivery rose 21 cents, or 0.4% to settle at $56.46 a barrel.
Gold prices also eked out a win today, as the dollar continued to soften, particularly against the pound. December gold futures were up $4.60, or 0.4% to settle at $1,215 per ounce.