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S&P, Nasdaq Wrap Up Third Quarter with Record Highs


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The last day of the third quarter was positive for stocks, though the  Dow Jones Industrial Average (DJIA) spent most of the day trading modestly lower. The  S&P 500 Index ( SPX ) , on the other hand, roared to fresh record highs, as did the  Nasdaq Composite (COMP) , thanks to a major rebound in large-cap tech stocks. Traders continued to consider the Trump administration's tax plan, while also digesting somewhat disappointing inflation data . But even with today's tepid price action, the Dow managed to extend its quarterly win streak to eight.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJIA - 22,405.09)  squeezed out a 23.9-point, or 0.1%, win, with 18 Dow components closing higher. Cisco Systems ( CSCO ) and Microsoft ( MSFT ) both gained 0.8% to pace the winners, while Nike ( NKE ) was the worst off of the 12 losers, sliding 1.5%. The Dow added 0.2% for the week, 2% for the month, and 4.9% for the quarter. 

The  S&P 500 Index (SPX - 2,519.36)  added 9.3 points, or 0.4%, for its best close ever. This brings the SPX's weekly gain to 0.7%, its monthly gain to 1.9%, and its quarterly return to 4%. The  Nasdaq Composite (COMP - 6,495.96)  also rallied to record levels, picking up 42.5 points, or 0.7%. The COMP ended the week up 1.1%, the month up 1%, and the quarter up 5.8%. 

The  CBOE Volatility Index (VIX - 9.51)  dipped 0.04 point, or 0.4%, bringing the fear gauge's weekly loss to 0.8%, its monthly loss to 10.1%, and its quarterly loss to 14.9%. 

Closing Indexes Summary sept 29
NYSE and Nasdaq Sept 29

5 Items on Our Radar Today

  1. Duo Security has discovered that Apple's Mac computers are vulnerable to hard-to-detect firmware hacking. Apple has been trying to address the issue since 2015, but Duo discovered many Macs in use are not adequately protected. ( Reuters) 
  2. News reports suggest President Trump met with former Federal Reserve governor Kevin Warsh about potentially leading the U.S. central bank. Trump is also reportedly considering current Fed governor Jerome Powell .  ( Politico, CNBC )
  3. The homebuilding stock that hit new highs after earnings. 
  4. Why this small-cap airline stock could hit higher highs. 
  5. Call buyers blitzed Costco stock ahead of earnings. 


Corporate Earnings Chart September 29
Unusual Options Activity Sept 29
Data courtesy of  Trade-Alert

Commodities

November-dated crude futures added $0.11 today, or 0.2%, to close at $51.67 per barrel, bringing its weekly win to 2%. For the month, oil picked up 7.7%, while sporting a quarterly advance of 10.5%. 

Gold edged lower today, with the December contract shedding $3.90, or 0.3%, to settle at $1,284.80 per ounce. Gold lost 1% for the week and 2.7% for the month, but finished the quarter with a 3.6% lead. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Options
Referenced Symbols: SPX , CSCO , MSFT , NKE


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