Dow Jones Industrial Average Shakes Off Energy Troubles, Settles at New High

Black Friday shoppers visiting Best Buy Co Inc's website may have been disappointed

by Alex Eppstein

Published on Nov 28, 2014 at 1:36 PM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (DJI) managed a slim 0.5-point gain during the shortened post-Thanksgiving session, but notched another record close, as a Black Friday rally in retailers overshadowed plummeting crude prices. The S&P 500 Index (SPX) finished slightly lower, but not before hitting a record intraday peak of 2,075.76. Meanwhile, the Nasdaq Composite (COMP) touched 14-year intraday and closing highs. There was little in the way of economic or earnings data to digest today, but -- as alluded to earlier -- the energy and retail sectors dominated the headlines, following yesterday's production decision by the Organization of Petroleum Exporting Countries (OPEC) and a strong end-of-year outlook on retail sales by the National Retail Federation.

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

  • These Twitter Inc (NYSE:TWTR) option bulls expect the shares to continue to rebound over the next couple of weeks.
  • Historically, these teen apparel retailers outperform during the week of Thanksgiving, so how'd they do this time around?
  • A closer look at these last-minute bets on Facebook Inc (NASDAQ:FB).
  • Plus ... Best Buy Co Inc's (NYSE:BBY) bad luck, Canada's economy posts solid growth, and a new player in Internet TV.

The Dow Jones Industrial Average (DJI - 17,828.24) ended near where it started -- but still at a record level -- closing 0.5 point above the flatline. Twenty-two of the Dow's 30 components headed north, with Wal-Mart Stores, Inc. (NYSE:WMT) in the lead with a 3% advance. The remaining eight components gave back ground, with Chevron Corporation (NYSE:CVX) coming up the rear, down 5.4%. For the week and month, the Dow gained 0.1% and 2.5%, respectively.

The S&P 500 Index (SPX - 2,067.56) ended south of breakeven, off 5.3 points, or 0.3%. In intraday trading, the SPX also hit a record high of 2,075.76. Finally, the Nasdaq Composite (COMP - 4,791.63) added 4.3 points, or 0.1%, for fresh 14-year closing high -- and touched a 14-year intraday peak of 4,810.86. For the week, the SPX and COMP tacked on 0.2% and 1.7%, respectively; for the month, the indexes added 2.5% and 3.5%.

The CBOE Volatility Index (VIX - 13.33) jumped 1.3 points, or 10.4%, toppling 13 for the first day in five. Week-over-week, the market's "fear gauge" advanced 3.3%, but lost 5% on a monthly basis.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. The timing couldn't have been any worse for BBY, as the electronics retailer's website went down this morning -- on one of the busiest shopping days of the year. Other reports said the website was similarly unavailable late Wednesday night and early Thursday morning. (CNBC)
  2. Canada's gross domestic product expanded by a better-than-expected 2.8% during the third quarter. The positive results were driven by strong household spending and exports -- although fears remain as the price of oil (a major Canadian export) continues to head south. (FOX Business)
  3. lnternet TV makers have a big challenge ahead of them, as Alibaba Group Holding Ltd (NYSE:BABA) invades the space.
  4. One brokerage firm showed Starbucks Corporation (NASDAQ:SBUX) some love today, but short-time options traders are less than smitten.
  5. Despite hitting several technical milestones this week, NVIDIA Corporation (NASDAQ:NVDA) isn't free from bearish speculation.

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 plunged on yesterday's news OPEC will not cut production, choosing instead to wage a price war against U.S. shale producers. The January contract was last seen $5.69, or 7.7%, lower, at $68 per barrel -- the largest single-day fall in roughly three years. Crude, which is off 11.1% week-over-week, also hit its lowest level since mid-2010 today. For the month, liquid gold dropped 15.6%.

Gold futures followed energy prices lower, with traders reacting to a stronger dollar and looking ahead to this weekend's Swiss referendum on bullion reserves. At last check, the February-dated contract was off $15.50, or 1.3%, at $1,182 per ounce. For the week, gold shed 1.4% -- its first weekly loss in four -- and tacked on 0.9% for the month.


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