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The Dow and S&P lost ground, while the COMP moved higher again
The Dow Jones Industrial Average (INDEXDJX:DJI) couldn't dig itself out of the red today, as tensions between Greece and Germany, as well as oil's continued drop, put a damper on investor sentiment. In economic news, initial jobless claims came in better than expected, but the most recent Philly Fed index hit its lowest mark in roughly a year. Also weighing on the Dow was Wal-Mart Stores, Inc.'s (NYSE:WMT) disappointing 2015 forecast. The S&P 500 Index (SPX), however, was able to touch another all-time high before dropping below breakeven, and the Nasdaq Composite (COMP) outperformed once again, notching a dot-com-era high.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,985.77) floundered below breakeven all day, losing 44.1 points, or 0.2%. Of the Dow's 30 components, 10 finished higher, with Boeing Co (NYSE:BA) gaining the most, up 1.7%. On the other end of the spectrum was WMT, dropping 3.2%.
The S&P 500 Index (SPX - 2,097.45) hit an all-time high of 2,2102.13 before dropping below breakeven, losing 2.2 points, or 0.1%, while the Nasdaq Composite (COMP - 4,924.70) managed another win, adding 18.3 points, or 0.4%, after hitting another 15-year high of 4,929.53.
The CBOE Volatility Index (VIX - 15.29) dropped 0.2 point, or 1%, amid overhead pressure from its 10-day moving average.
5 Items on Our Radar Today:
- Germany turned down Greece's proposed extension to its loan agreement today, saying it was "not a substantial solution." Greece will again meet with eurozone finance ministers tomorrow, as the financially strapped country seeks to strike a deal to avoid running out of cash -- and possibly ousted from the eurozone. (Reuters)
- Initial jobless claims dropped more than what was expected last week, boosting confidence that the economy is improving. While some of this decrease can be attributed to the holiday-shortened week, the four-week moving average of claims also saw a dip. (Reuters, via CNBC)
- The restaurant chain that had a huge day after blowing analyst expectations out of the water.
- Three companies that got a post-earnings lift.
- Lululemon Athletica inc. (NASDAQ:LULU) call buyers were active today.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Oil fell for a second straight day, after the Energy Information Administration (EIA) reported a bigger-than-expected surplus in domestic stockpiles. In fact, crude inventories rose by a record 7.7 million barrels last week, touching an all-time high. At the close, oil for April delivery was off $0.99, or 1.9%, to close at $51.83 per barrel.
Gold rebounded from yesterday's drop, on the heels of the Federal Open Market Committee's (FOMC) meeting minutes and the latest hurdle in the Germany-Greece dispute. April-dated gold added $7.40, or 0.5%, to close at $1,207.60 an ounce.