Surging Tech Stocks Power Nasdaq To Highest Close Ever
Multiple big-cap tech names hit new record highs today
The Dow stayed red-hot to start the new week, with the blue-chip index gaining triple digits for the second straight session as tech heavyweights broke out. A fresh record high from Apple (AAPL) was in focus, as the FAANG stock enjoyed a boost amid the kickoff of its Worldwide Developer Conference. Fellow Dow component Microsoft (MSFT) also hit a record high following its GitHub acquisition, while Amazon (AMZN) capitalized on dual tech and retail tailwinds to find its own all-time peak. Against this backdrop, the Nasdaq Composite notched a record closing high.
Continue reading for more on today's market, including:
How speculators played Twitter's big win streak.Why now's the time to buy the dip on Gap.The trial results that sparked big moves for 3 drug stocks. Plus, the best biotech stocks to target this summer; the latest Facebook data controversy; and a Navistar earnings preview.The Dow Jones Industrial Average (DJI - 24,813.69) jumped 178.5 points, or 0.7%, with 24 of the 30 blue chips closing with gains. It was the Dow's fifth straight triple-digit move. Walmart (WMT) had the best day, rallying 2.9%, while General Electric (GE) paced the six losers with its 2.8% drop.
The S&P 500 Index (SPX - 2,746.87) gained 12.3 points, or 0.5%, and the Nasdaq Composite (IXIC - 7,606.46) surged 52.1 points, or 0.7%, for its highest close ever.
The Cboe Volatility Index (VIX - 12.74) shed 0.7 point, or 5.3%.
5 Items on Our Radar Today
Merck (MRK) was one of the big winners of the American Society for Clinical Oncology's (ASCO) annual meeting, where it showed off more upbeat trial results from cancer drug Keytruda. MRK gapped higher today to touch its highest price since January.Mexico said it will join the European Union in pursuing a dispute settlementprocess at the WorldTrade Organization (WTO) over the recently imposed U.S. tariffs onsteel and aluminum. 2 biotech stocks set to soar this summer.Facebook stock pulled back amid fresh data privacy concerns.Short interest on Navistar stock is at multi-year lows ahead of earnings.
Data courtesy of Trade-Alert
Oil, Gold Prices Extend Slide
Oil prices dropped again, as markets brace for loosened production curbs from the Organization of the Petroleum Exporting Countries (OPEC) meeting later this week. July-dated crude futures slipped $1.06, or 1.6%, to $64.75 per barrel -- an eight-week closing low and third straight loss.
Gold prices also backpedaled as investors favored riskier assets. Gold futures for August delivery gave back $2, or 0.2%, to close at $1,297.30 an ounce.