The DJIA fell triple digits for a second straight day as oversupply worries kept oil prices sliding lower
The Dow Jones Industrial Average (DJIA) suffered a triple-digit loss for a second straight day, tracking a sell-off in global markets as further weakness in crude prices kept oil stocks under pressure. The tech-heavy Nasdaq Composite (COMP) made a few brief moves into positive territory throughout the session, but eventually succumbed to the overall slump.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,568.00) dropped 162.5 points, or 0.9%, with Exxon Mobil Corporation's (NYSE:XOM) 2.8% plunge pacing the 28 decliners. McDonald's Corporation (NYSE:MCD) led the two gainers, adding a slim 0.2%.
The S&P 500 Index (SPX - 2,063.59) fell 13.5 points, or 0.7%, just narrowly hanging onto its year-to-date lead. The Nasdaq Composite (COMP - 5,098.24) lost 3.6 points, or 0.07%, after a few unsuccessful attempts to establish a foothold in positive territory.
The CBOE Volatility Index (VIX - 17.60) climbed 1.8 points, or 11.1%.
5 Items on Our Radar Today:
- Republican leaders in the U.S. House of Representatives are attempting to pass a stop-gap spending bill, which will buy the legislative body several more days to negotiate a $1 trillion budget to govern spending through next September. The current spending authority will expire this Friday at midnight if Congress is unable to pass a bill, potentially leading to a government shutdown as of Saturday morning. (Reuters)
- According to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), there were fewer openings available in October -- but the number of workers quitting their jobs voluntarily hit 2.78 million, well above the post-crisis average of 2.19 million. (MarketWatch)
- These 3 stocks were shaken up on M&A news.
- QUALCOMM, Inc. (NASDAQ:QCOM) slumped after being hit with two regulatory accusations.
- Traders hesitated as this beer giant headed into a Senate hearing.
Data courtesy of Trade-Alert
Commodities:
Oil continued its slide today, hitting its lowest daily settlement since February 2009 as the global supply glut continues to weigh on prices. January crude futures fell 14 cents, or 0.4%, to close at $37.51 a barrel.
Gold futures managed to eke out a gain today, bolstered by falling stocks and a cooling U.S. dollar. February-dated gold settled up 10 cents at $1,075.30 an ounce.