After clawing its way to modest gains at midday, the Dow Jones Industrial Average (DJIA) took a sharp turn lower on news the U.S. had dropped a "MOAB" -- or "Mother of All Bombs" -- on an Islamic State tunnel target in Afghanistan. This only added to the geopolitical jitters that have kept stocks in check this week, and sent the CBOE Volatility Index (VIX) spiking to its highest perch in five months. Financial shares were also on the radar, as big banks welcomed in first-quarter earnings season. Amid mixed results for JPMorgan Chase, Citigroup, and Wells Fargo, the Dow closed south of its 10-week moving average for the first time since the U.S. presidential election.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 20,453.25) closed at its session low, down 138.6 points, or 0.7% -- bringing its weekly deficit to 1%. Chevron stock's 2.6% drop paced the 28 Dow decliners. Disney and Visa were the two gainers, adding 0.1% and 0.2%, respectively.
The S&P 500 Index (SPX - 2,328.95) gave back 16 points, or 0.7%, while the Nasdaq Composite (COMP - 5,805.15) shed 31 points, or 0.5% -- also at their session lows. For the week, the SPX and COMP shed a respective 1.1% and 1.2%.
The CBOE Volatility Index (VIX - 15.96) topped out at a session high of 16.22, before closing up 0.2 point, or 1.2%. On a weekly basis, the market's "fear gauge" surged 24%.
5 Items on Our Radar Today
Data courtesy of Trade-Alert
SCHAEFFER'S PARTNER CENTER
Visit Schaeffer’s Broker Center today to open your account and gain access to exclusive offers from top brokers.
Pre-Earnings Options Volume Picks Up on Bank of America, Goldman Sachs
JPMorgan Chase, Citigroup, Wells Fargo News Today
JPMorgan Chase, Fitbit, T-Mobile Upgraded
Dow Jones Industrial Average Closes Up; Nasdaq Nabs Another New High
Dow Jones Industrial Average Turns Tail After Trump Tax Plan