The Dow Jones Industrial Average (DJIA) shot sharply higher out of the gate for the first trading session of 2017, coming within 62 points of the elusive 20,000 mark at its intraday high. And though the large-cap index pared some of its gains throughout the day as oil prices pulled back from 18-month-high territory , upbeat economic data both at home and abroad helped boost the Dow to a triple-digit gain. Traders are now looking ahead to tomorrow afternoon, when stocks will have the chance to react to the minutes from December's Fed meeting.
Continue reading for more on today's market, including:
- The latest sentiment signal flashing short-term caution , courtesy of Schaeffer's Senior V.P. of Research Todd Salamone.
- The diagnostic specialist that nearly doubled in value today .
- Founder and CEO Bernie Schaeffer examines the post-election about-face for gold .
- Plus ... Another big win for this drug stock, the latest Twitter exec to hit the bricks, and what sent Disney to fresh highs.
The Dow Jones Industrial Average (DJIA- 19,881.76) tacked on 119.2 points, or 0.6%, in the first session of the year. Leading 26 gainers was Nike Inc ( NKE ), which enjoyed a lift from upbeat analyst attention . McDonald's Corporation ( MCD ) paced the four decliners, dropping 1.7%.
The S&P 500 Index (SPX - 2,257.83) climbed 19 points, or 0.9%, while the Nasdaq Composite (COMP - 5,429.08) added 46 points, or 0.9%.
The CBOE Volatility Index (VIX - 12.85) shed 1.2 points or 8.5%.
5 Items on Our Radar Today
Ford Motor Company ( F ) --which announced it has canceled plans to build a $1.6 billion production plant in Mexico -- said it will invest $4.5 billion in electric and self-driving vehicles by 2020. The company expects to create seven electrified vehicles by 2022, including a full-electric SUV and a hybrid version of its F-150 truck. ( CNBC )
The 115th U.S. Congress met for the first time today, bringing to focus some of the key issues of President-elect Donald Trump's agenda, including repealing the Affordable Care Act (ACA) . Meanwhile, Wisconsin Republican Paul Ryan was re-elected Speaker of the House. ( Reuters )
- Options picked up as this drugmaker notched its sixth straight win.
- The latest Twitter Inc ( TWTR ) exec to hit the bricks.
- How Dow component Walt Disney Co ( DIS ) kicked off 2017 with fresh highs .
Data courtesy ofTrade-Alert
Oil prices pulled back sharply after hitting a fresh annual high in early trading, as a strengthening U.S. dollar overshadowed optimism over global crude production cuts. February-dated crude ended the first trading day of the year down $1.39, or 2.6%, at $52.33 per barrel.
The stronger greenback didn't get the better of gold, however. After the biggest quarterly loss in roughly three years, gold futures for February tacked on $10.30, or 0.9%, to settle at $1,162.00 an ounce.
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