Dow Jones Industrial Average Stalls On Mixed Data

Crude prices sank, as a meeting of several big producers failed to bear fruit

Nov 25, 2014 at 4:26 PM
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The Dow Jones Industrial Average (DJI) moved back into the black around midday, but failed to hold on to those gains by the close. During the session, traders weighed disappointing consumer sentiment data and flagging energy prices against the latest third-quarter gross domestic product (GDP) reading. Elsewhere, the S&P 500 Index (SPX) retreated slightly, but not before touching a record intraday high of 2,074.21. On the flip side, the Nasdaq Composite (COMP) touched a 14-year peak of 4,774.52, and ended just above breakeven. Meanwhile, tomorrow's docket is packed, due in part to Thursday's Thanksgiving holiday; set for release Wednesday are personal income and spending numbers, durable goods orders, and weekly jobless claims.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 17,814.94) explored both sides of breakeven, but settled 3 points lower. Fourteen of the Dow's 30 components landed north of the flat line, paced by a 2.7% advance at United Technologies Corporation (NYSE:UTX). The remaining 16 losing components were led by Home Depot Inc (NYSE:HD), which dropped 1.4%.

Meanwhile, the S&P 500 Index (SPX - 2,067.03) lost 2.4 points, or 0.1%, despite hitting a record intraday peak of 2,074.21. By contrast, the Nasdaq Composite (COMP - 4,758.25) added 3.4 points, or 0.1%, and touched a 14-year intraday high of 4,774.52.

The CBOE Volatility Index (VIX - 12.25) gave back 0.4 point, or 2.9%, for its third consecutive finish below 13.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Third-quarter GDP was upwardly revised to a better-than-expected 3.9% annualized rate, the Commerce Department reported. A month prior, the economic growth rate for the same time period was projected to be about 3.5%, and economists actually anticipated it would cool to 3.3% this month. (Reuters, via CNBC)
  2. Consumer confidence dropped to 88.7 in November after touching a seven-year high of 94.5 last month, according to the Conference Board's latest consumer confidence index. Tempering optimism among Americans were several factors, including current business conditions and the job market. (Associated Press, via ABC News)
  3. Ahead of tonight's quarterly results, Hewlett-Packard Company (NYSE:HPQ) attracted both option bears and bulls.
  4. These pre-earnings speculators paid the price for betting against Qihoo 360 Technology Co Ltd (NYSE:QIHU).
  5. Breaking down these end-of-week wagers on surging GoPro Inc (NASDAQ:GPRO).
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS – NOTABLE CALL ACTIVITY

STOCKS – NOTABLE PUT ACTIVITY

Commodities:

Crude futures hit their lowest level in four years, after several major oil producers -- including Saudi Arabia, Russia, Mexico, and Venezuela -- failed to agree to a production cut ahead of Thursday's Organization of Petroleum Exporting Countries (OPEC) meeting. January-dated crude lost $1.69, or 2.2%, to settle at $74.09 per barrel.

December-dated gold edged slightly higher, helped by the retreat in consumer confidence, and an upcoming referendum that could force Switzerland's central bank to boost its gold holdings. At the close, the precious metal was up $1.40, or 0.1%, at $1,197.10 per ounce.

 

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