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OPEC comments send crude oil reeling
The Dow Jones Industrial Average (INDEXDJX:DJI) extended its winning streak to a fourth straight session, notching its highest close on record. Despite lackluster housing data and light pre-holiday volume -- as well as weakness in crude and natural gas futures -- the blue-chip barometer and its peers muscled higher, led by big-cap tech. In fact, the S&P 500 Index (SPX) also landed at its loftiest close of all-time, continuing the trend of jolly holiday price action.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,959.44) gained momentum as the session progressed, eventually finishing near its intraday (and all-time) high, up 154.6 points, or 0.9%. Merck & Co., Inc. (NYSE:MRK) paced the Dow laggards, shedding 1%; commodity concerns Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) were the other black sheep. Leading the 27 advancing blue chips was Intel Corporation (NASDAQ:INTC), up 2.3%.
The S&P 500 Index (SPX - 2,078.54) tacked on 7.9 points, or 0.4%, to settle at an all-time closing best, and within a point of a record peak. Meanwhile, the Nasdaq Composite (COMP - 4,781.42) gained 16 points, or 0.3%, to finish near its own session high.
The CBOE Volatility Index (VIX - 15.25) retreated 1.2 points, or 7.5%, to end beneath its 10-day and 20-day moving averages for the first time since Dec. 5.
5 Items on Our Radar Today:
- U.S. existing home sales pulled back from their highest level in a year in November, dropping 6.1% from the month prior, the National Association of Realtors reported. The decline was bigger than expected, and marked the weakest sales rate since May. (MarketWatch)
- Just days after President Barack Obama vowed to respond to North Korea's hack of Sony Corp (ADR) (NYSE:SNE), the country is reportedly suffering major Internet outages. (CNBC)
- CHK slid in step with natural gas futures, yet option sellers are eyeing familiar support.
- If history is any indicator, Yahoo! Inc.'s (NASDAQ:YHOO) recent bounce could bode well for bulls.
- Why Pacific Crest thinks this media name has "the most potential upside" of its peers.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
After enjoying its best session in more than two years on Friday, black gold blazed a trail lower today, after Saudi Arabia's oil minister said the Organization of Petroleum Exporting Countries (OPEC) won't cut production. By the close, February-dated crude fell $1.87, or 3.3%, to land at $55.26 per barrel.
Despite an ailing dollar and lackluster housing data, gold futures retreated in light trading. By the close, gold for February delivery shed $16.20, or 1.4%, to finish at $1,179.80 per ounce.