Dow, S&P 500 Snap Win Streaks But Notch Record Highs
The Dow saw its six-day win streak snap today, but that doesn't tell the whole story. The blue-chip index notched an intraday record, and was up triple digits at its session highs, only to pare those gains in the last half hour of trading. The S&P 500 and Nasdaq finished modestly lower as well, with the former also hitting an intraday high, and the latter weighed down by a cooling chip sector. Nevertheless, all three indexes are pacing for monthly, quarterly, and yearly wins tomorrow. Elsewhere, the CBOE Volatility Index (VIX) snapped its six-day losing streak.
The Dow Jones Average (DJI - 36,398.08) fell 90.6 points or 0.3% for the day. Walt Disney (DIS) led the gainers, adding 0.7%, while Procter & Gamble (PG) paced the laggards with a 0.9% fall.
The S&P 500 Index (SPX - 4,778.73) shed 14.3 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC -15,741.56) dropped 24.7 points or 0.2% for the day.
Lastly, the CBOE Volatility Index (VIX - 17.33) rose 0.4 points or 2.2% for the day.
OIL PRICES NOTCH BEST CLOSE SINCE NOVEMBER
Oil prices settled at their highest level since November on Thursday, while also notching their seventh consecutive win. Easing Covid-19 fears, as well as indication that energy demand remains strong, boosted black gold. In turn, February-dated crude added 43 cents, or 0.6%, to finish at $76.99 per barrel.
Gold prices settled higher as well, as investors brushed off a strengthening U.S. dollar. Lower Treasury yields also helped the precious metal hold out above the psychologically significant $1,800 level. February-dated gold rose $8.30, or 0.5%, to close at $1,814.10 per ounce.
Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...
more