DJIA Today Hits New Intraday High, S&P 500 Closes Above 2,000 for First Time

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Dow Jones Industrial Average
N/A: DJIA
Oct 24 04:06 PM
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Price: 16,804.32 | Ch: 126.42 (0.8%)

DJIA Today, Aug. 26, 2014: U.S. stock markets struck multiple intraday records this afternoon, as strong consumer data suggested further momentum for the economy. The Dow Jones Industrial Average hit an all-time intraday high of 17,153.80. The S&P 500 Index hit another record to close above 2,000 for the first time today, fresh off its first intraday rise over that landmark level yesterday.

The S&P 500 Volatility Index (VIX) slipped more than 1% as geopolitical tensions around the globe remained subdued. In the Middle East, Israel and Hamas have agreed to an open-ended ceasefire, while Ukraine claims it has captured Russian troops attempting to enter through its eastern border.

Here's the scorecard from today's stock market close:

Dow: 17,106.70, +29.83 (+0.17%)
Nasdaq: 4,570.64, +13.29 (+0.29%)
S&P 500: 2,000.02, +2.10 (+0.11%)

Now, here are the top stories from the stock market today:

  • A Bad Debut: The transition into the ultra-competitive smartphone market hasn't gone as planned for e-commerce giant Amazon.com Inc. (Nasdaq: AMZN). According to statistics from online ads network Chitika and comScore, the company isn't likely to surpass 35,000 Fire phone units in its first three weeks on the market. The Fire phone has received a number of lukewarm reviews, and some have panned its ad strategy for using children as spokespersons. Despite the report, shares of Amazon were up almost 2.5% on the day after the company announced a $970 million acquisition of game-sharing platform Twitch Interactive.
  • Dour Dispute: Shares of Orbitz Worldwide Inc. (NYSE: OWW) slipped 4.6% on Tuesday on news that two of the largest U.S. airlines will pull their ticket pricing from the travel site on Sept. 1. American Airlines Group Inc. (Nasdaq: AAL) and US Airways Group Inc., which are both in the process of merging, will delist pricing on Orbitz's site after the companies couldn't agree on a long-term deal on distribution costs.
  • The Deal Is On: The New York Post reports that AT&T Inc. (NYSE: T) and U.S. antitrust regulators have reached a deal, allowing the telecom giant to purchase satellite provider DIRECTV (Nasdaq: DTV) for $48.5 billion. The report is premature, and it's unclear what the company has agreed to do in an effort to appease regulators over the initial deal struck in May. The news comes a day after the Federal Communications Commission reached the end of the public comment on a pending deal between Time Warner Cable Inc. (NYSE: TWC) and Comcast Corp. (Nasdaq: CMCSA), which received 43,000 statements on the matter.
  • Keystone Woes Continue: Any expected ruling on the Keystone Pipeline isn't expected to come until after the midterm elections, although after six years, the political football is relatively moot. On Sept. 5, the Nebraska Supreme Court will begin hearing arguments on a 2012 law that provided the governor with the power to authorize the state's leg of the pipeline. However, that hasn't stopped one company from totally bypassing the need for regulatory approval. According to a report by EnergyWire, Enbridge Inc. (NYSE: ENB) has found a "loophole" that will allow it to bring an additional 75,000 barrels of crude into the United States without the need for a "presidential permit." By building multiple interconnections on the U.S. and Canadian sides of the border, the company would transfer heavy crude from its existing Alberta line through an existing pipeline called "Line 3" and transfer it back to its own Alberta line once it is across the border.
  • Sell, Sell, Sell: Shares of ANN Inc. (NYSE: ANN) were up 5.4% intraday after Reuters reported the company has hired JPMorgan Chase & Co. (NYSE: JPM) to help its team explore a possible sale or other "strategic alternatives." The news comes a day after activist investors Engine Capital and Red Alder sent a letter to the company's board of directors urging a sale or a significant amount of insider buying by board members to boost investor confidence in the company.

Now our experts share some of the most important investment moves to make based on today's market trading – for Money Morning Members only:

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