Tesla's Announcement Given Cold Shoulder Despite Broad Rally
The Dow posted a strong, broad-based rally to close the week, and gained 183.54 points to end the day at 18,024.06. The NASDAQ was up 63.97 points to close at 5,005.39, and the S&P 500 closed at 2,108.29 after posting growth of 22.78 points. In overseas trading, markets were generally steady. The Hang Seng bucked the trend with a -264.82 point loss.
Tesla Flat Despite Product Announcements. Historically, the one thing that Tesla's (TSLA) investors love is more products, but the stock stayed level despite Tesla's announcement that it was expanding into the home.
Apple Finally Sticks Up For Itself. After a few days of tumbling because the company couldn't match last quarter's record-setting earnings report, Apple (AAPL) righted itself today and grew by 3%. Shares gained 3.80 points over the course of a long midday rally. Apple stock closed trading today at $128.95.
Semiconductors Up In Broad Rally. Two major players in semiconductors staged a rally today. Altera (ALTR) lead the way and posted market-leading gains. The company's stock prices rose 10%, up 4.08 points to $45.76. Intel (INTC) gained 2.67% in strong trading today. It rose 0.87 points to close at $33.42 per share. Both chip-makers were up due to increasing demand in the industry.
The rally wasn't just limited to the semiconductor segment, though. Every sector from fast food to appliances was up today, in one of the broadest recent rallies that the Dow has posted. Whirlpool (WHR) got a piece of the action to the tune of a 3.71 point rally, and closed the day at $179.31. Yum! Brands (YUM) posted 7% gains as their earnings report drove share prices up 5.94 points to $91.90.
Oil Is Ready To Break $60 For The Summer. Looking at the futures market, it's hard to seriously believe that oil won't crack $60 again -- and soon. The price of oil has been on the rise all month, but this latest push has lifted the cost per barrel out of the mid-$50 doldrums and right at the edge of breaking out. The price at the pump will continue to rise due to seasonal demand, and there's no telling where oil will stop.