Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

Dow and S&P 500 Touch New Highs, Oil Prices Rising

The U.S. stock market seemingly can’t be stopped these days, as strong earnings from several industry giants helped the DOW and S&P 500 reach record intraday highs on Wednesday.

The Dow Jones industrial average gained 115 points during regular trading hours Wednesday, hitting a new all-time high in the process. The index’s big move was spurred in part by Boeing’s BA massive climb after it reported its second-quarter financial results, which have helped it jump 8.35% through early afternoon trading.

The airplane manufacturer added more than 100 points on Wednesday to move past Goldman Sachs GS as the most expensive stock in the Blue-Chip index.

Solid early Wednesday gains from Apple AAPL, Coca-Cola KO, General Electric GE, and Verizon VZ also helped the 30-stock index reach an intraday high of 21,742.70. The Dow is up 9.86% year-to-date.

S&P 500 & Nasdaq

The S&P 500 also reached new heights today, just one day after closing—yet again—at an all-time high of 2,477.13, on the back of big movement from Caterpillar CAT and McDonald’s MCD. The index opened at 2,479.97 and reached an intraday high of 2,481.69 on Wednesday.

Shares of Advanced Micro Devices AMD jumped 6.27% in intraday trading, which made it one of the biggest movers in the index. The S&P 500 is up 10.72% so far this year.

The Nasdaq also closed at a new high on Tuesday. The index reached a new all-time high of 6,432.38 during morning trading. However, it has dipped back below its open on Wednesday.

Oil

Oil prices rose on Wednesday after news reports showed a much larger drop in U.S. oil stockpiles than initially projected.

The U.S. Energy Information Administration noted that oil stockpiles in the U.S. dropped by 7.2 million barrels last week. Analysts surveyed by The Wall Street Journal projected a fall of about 2.6 million barrels.

This massive reduction in excess oil has helped U.S. crude oil prices rise 1.29% to $48.51 a barrel on Wednesday.

The Hottest Tech Mega-Trend of All                

Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce “the world's first trillionaries,” but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>                           


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Verizon Communications Inc. (VZ): Free Stock Analysis Report
 
Boeing Company (The) (BA): Free Stock Analysis Report
 
Coca-Cola Company (The) (KO): Free Stock Analysis Report
 
Apple Inc. (AAPL): Free Stock Analysis Report
 
General Electric Company (GE): Free Stock Analysis Report
 
Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report
 
Goldman Sachs Group, Inc. (The) (GS): Free Stock Analysis Report
 
Caterpillar, Inc. (CAT): Free Stock Analysis Report
 
McDonald's Corporation (MCD): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research