The Dow Jones Industrial Average (DJIA) extended its daily win streak to six, eking out a fresh record closing high after a positive earnings reaction for Cisco Systems, Inc. ( CSCO ). The same can't be said for the S&P 500 Index (SPX) and Nasdaq Composite (COMP) , which snapped their longest win streaks since 2013 and 1999, respectively, but not before notching new intraday highs of their own. Though energy and bank stocks weighed on the broader equities market, traders also digested this morning's round of mostly upbeat economic data and hawkish comments from Fed Vice Chair Stanley Fischer. Meanwhile, during a press conference, President Donald Trump said a replacement for the Affordable Care Act (ACA) would be unveiled in March -- and take priority over his highly anticipated tax plan.
Continue reading for more on today's market, including:
- The 25 best stocks to own after Presidents Day.
- The bearish streak that just made history.
- These 2 low-priced stocks with room to run.
- Plus, the case for buying GoPro, the car rental stock getting hit by bears, and Tesla options traders ahead of earnings.
The Dow Jones Industrial Average (DJIA - 20,619.77) touched a new all-time intraday high of 20,639.87, and ended 7.9 points, or 0.04%, higher. Of the 30 Dow stocks, 15 ended higher, with CSCO's 2.4% gain leading the way. The 15 losers were paced by Chevron Corporation ( CVX ), which fell 1.7%.
The S&P 500 Index (SPX - 2,347.22) dropped 2 points, or 0.1%, after notching a new intraday high of 2,351.31. Meanwhile, the Nasdaq Composite (COMP - 5,814.90) dropped 4.5 points, or 0.1%, after hitting an all-time intraday peak of 5,835.15.
After being up 7.4% in intraday action, the CBOE Volatility Index (VIX - 11.76) settled down 0.2 point, or 1.8%.
5 Items on Our Radar Today
Snapchat parent Snap Inc. set the target range for its initial public offering (IPO) at $14 to $16 per share, creating a top-end valuation of roughly $22 billion. The stock is set to begin trading in early March on the New York Stock Exchange under the ticker SNAP. (Los Angeles Times)
TransCanada Corporation (USA) ( TRP ) filed its application to route the Keystone XL pipeline through the state of Nebraska, after President Trump gave the thumbs up on the controversial project last month. (Reuters)
- How options traders are lining up their bets on Tesla Inc ( TSLA ) ahead of earnings.
The case for buying GoPro Inc ( GPRO ).
- Why option traders are the most bearish in a year towards this rental car stock.
Data courtesy of Trade-Alert
March-dated crude futures added 25 cents, or 0.5%, to settle at $53.36 per barrel, amid optimism that global oil producers will extend their output agreement past June.
April-dated gold futures tacked on $8.50, or 0.7%, to close at $1,241.60 an ounce -- a three-month high. The precious metal was boosted by a declining U.S. dollar and potential political risk in the U.S. and Europe.
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