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Greek elections translated into losses for crude oil and gold
Figuratively speaking, it was a hot-and-cold session on Wall Street today. In the literal sense, Wall Street -- and all of New York City -- was asked to "prepare for something worse than we have seen before" by Mayor Bill de Blasio, as Winter Storm Juno approached the Northeast. As traders hunkered down -- and digested results of the weekend snap election in Greece -- the Dow Jones Industrial Average (INDEXDJX:DJI) and its sector peers fluctuated between gains and losses, but the blue-chip barometer ultimately resolved to the upside (albeit barely).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,678.70) explored a range of nearly 129 points, but essentially called it a draw by the close, adding 6.1 points, or 0.03%. Chevron Corporation (NYSE:CVX) paced the 17 gainers, tacking on 1.9%, while Intel Corporation (NASDAQ:INTC) led the 13 decliners with a 1.8% drop.
The S&P 500 Index (SPX - 2,057.09) also traded on both sides of breakeven, but finished with a gain of 5.3 points, or 0.3%. The Nasdaq Composite (COMP - 4,771.76) dropped out of the gate, but clawed its way higher by midday, adding 13.9 points, or 0.3%.
The CBOE Volatility Index (VIX - 15.52) gave up 1.1 points, or 6.8%, to settle at a session low, marking the "fear barometer's" first finish south of 16 in 2015.
5 Items on Our Radar Today:
- Ahead of Winter Storm Juno, airlines canceled more than 3,500 flights, and Amtrak even warned that it "may re-evaluate" its rail schedule "as conditions warrant." However, the NYSE and Nasdaq plan to maintain the status quo tomorrow. (CNBC; MarketWatch)
- Uber, meanwhile, said it will cap its surge pricing in New York at "2.8x the normal fare," and according to the company's policy, proceeds during a "disaster or state of emergency" will be donated to the American Red Cross. (TechCrunch)
- Did a new licensing agreement spark a shift in sentiment for Universal Display Corporation (NASDAQ:OLED)?
- Why option traders are gambling on all-time highs for MYL.
- Analysts at BMO weighed in on PFE ahead of earnings tomorrow.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude futures finished a wishy-washy session in the red, even after Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Abdalla el-Badri opined that oil prices could rebound "very soon" -- and climb as high as $200 per barrel, "if [producers] don't invest in oil and gas." By the close, March-dated crude fell 44 cents, or 1%, to $45.15 per barrel.
Gold extended its retreat, with traders taking profits after the radical Syriza party won a snap election in Greece. February-dated gold gave up $13.20, or 0.1%, to finish at $1,279.40 an ounce.