Stocks surged across the board today as investors gained confidence that a rate cut will be the news from the FOMC next week. The Dow closed higher by 180.54 points, very close to the session highs. The Nasdaq gained 38.36 on the day, and the S&P 500 gained 19.79, or 1.36%. 
Energy stocks jumped after crude oil closed at a new record high of $78.23 a barrel. Exxon Mobil (NYSE:XOM), the biggest oil company of them all, led the sector higher, gaining 2.45% today. National-Oilwell Varco (NYSE:NOV) continued its recent runup, gaining 4.82% on the day and hitting a new multi-year high. Peabody Energy (NYSE:BTU) also ranup by 3.66% on the day, as coal stocks were quite strong today as well.
Basic materials stocks were among the strongest today as gold stocks continued their move higher and metal mining firms surged. BHP Billiton (NYSE:BHP), the company with the largest market capitalization in the sector, gained 3.77% on the day. Newmont Mining (NYSE:NEM) shares jumped 3.03% to lead the gold producers. Barrick Gold (NYSE:ABX) gained 1.65% on strong volume as the stock hit another 52 week high.
There were several large-cap stocks which hit 52 week highs today. Proctor and Gamble (NYSE:PG), the consumer products giant, gained 1.65% on the day and hit a new high for the past year. Celgene Corporation (Nasdaq:CELG) steamed higher by almost 4% on the day as the stock hit a new all-time high. Also on the new highs list for the past 52 weeks was Wynn Resorts (NYSE:WYNN), which surged by 6.37% as casino stocks drove higher on the day.
The trading volume was extremely light on the day, with only 1.3 billion shares trading hands at the NYSE today. Investors continue to be cautious about coming into the market too strong before next week's FOMC meeting. The theme of the day today was more of a lack of sellers overall than it was massive buying across the board.
Today marked the 6th anniversary of the terrible tragedy that occurred in New York City on 9/11. The fact that the Dow is now trading at levels 49% than the close of trading on September 17, 2001 after the market first reopened is a testament to the strength of the financial markets in the United States.
Comment Preview