Bank Earnings, Retail Sales Push Stocks to Record Highs
U.S. stocks have done it again, extending their quest for record highs. Well-received bank earnings drove stocks higher, led by JPMorgan Chase (JPM). In addition, traders applauded solid retail sales data, with holiday spending surging by the most since 2005, according to the National Retail Federation. Against this backdrop, the Dow enjoyed a second straight gain of more than 200 points, and has already rallied more than 1,000 points in January -- set for its best month since March 2016.
Continue reading for more on today's market, including:
The rare downgrade that rattled this FAANG stock.Analyst: This social media stock is headed for record lows.3 retail stocks that made massive moves today.Plus, concerns about Star Wars sales; why Twitter stock's rally has just started; and 3 popping gold stocks.The Dow Jones Industrial Average (DJI - 25,803.19) picked up 228.5 points, or 0.9%, after peaking at 25,810.43. Boeing (BA) led the 24 Dow winners with a 2.7% gain, and General Electric (GE) paced the losers with a 1.4% loss. The Dow gained 2% for the week.
The S&P 500 Index (SPX - 2,786.24) added 18.7 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,261) gained 49.3 points, or 0.7%. Both indexes touched record highs, and gained 1.5% and 1.7%, respectively, for the week.
The CBOE Volatility Index (VIX - 10.16) managed to pick up 0.3 point, or 2.8%, for the day, and 10.2% for the week.
5 Items on Our Radar Today
Spanish and Dutch financial ministries have reportedly agreed to push for a "soft" Brexit, in an attempt to keep Britain close after the move. The talks came amid alleged concerns about the loss of the U.K.'s contribution to the European Union budget. (Bloomberg)Panama's U.S. ambassador, John Feeley, tendered his resignation -- effective March 9 -- today, saying he can no longer work under the Trump administration, following the president's ill-received comments about Haiti and other countries. However, rumors of his resignation reportedly first emerged last September, after Feeley mentioned his intentions to colleagues. (MarketWatch)EA was hit with a downgrade over Star Wars troubles.Analyst: The rally has just begun for Twitter stock.3 gold stocks popping on bullish brokerage notes.
Data courtesy of Trade-Alert
Oil, Gold Extend Weekly Win Streaks
Oil prices rose for a sixth straight day, to another three-year high, after comments from Russia's oil minister eased concerns about OPEC production cuts. February crude rose 50 cents, or 0.8% to settle at $64.30 per barrel for the day, marking a 4.7% lift for the week -- a fourth straight weekly gain.
Gold futures notched a fifth straight weekly win alongside a fresh four-month high, as the dollar dipped despite an increase in U.S. inflation. February-dated gold picked up $12.40, or 0.9%, to finish at $1,334.90 for the day, rising nearly 1% for the week.