Dow Jones Industrial Average Pulls Back On Crude's Drop

The Dow Jones Industrial Average spent the entire day in the red as crude continued to fall

Feb 23, 2015 at 4:33 PM
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The Dow Jones Industrial Average (INDEXDJX:DJI) was in the red from start to finish today, amid Boeing Co's (NYSE:BA) slide, lackluster housing stats, and oil's continued slump -- which came in spite of reports that the Organization of the Petroleum Exporting Countries (OPEC) could hold an emergency meeting. Looking ahead, traders will keep an eye on the latest Greece developments, as well as Federal Reserve Chair Janet Yellen, who will begin a two-day testimony in Washington, D.C., tomorrow. Following the Dow's lead, the S&P 500 Index (SPX) finished modestly lower, though the Nasdaq Composite (COMP) extended its winning streak.

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

The Dow Jones Industrial Average (DJI - 18,116.90) couldn't get into positive territory, dropping 23.6 points, or 0.1%. Of the Dow's 30 components, only 13 finished positive, with UnitedHealth Group Inc. (NYSE:UNH) leading the way with a 3.4% jump. The losers were led by BA's 2.3% drop.

The S&P 500 Index (SPX - 2,109.66) fell 0.6 point, or 0.03%, while the Nasdaq Composite (COMP - 4,960.97) added 5 points, or 0.1%, finishing at another 15-year high.

The CBOE Volatility Index (VIX - 14.56) added 0.3 point, or 1.8%, but still ended south of its 200-day moving average for the second straight session.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Investors will have to wait another day to see Greece's reform list for its creditors -- a requirement for extending the nation's bailout. The country was supposed to present the list of new economic measures today, but a government official said it will be sent to finance ministers from the eurozone tomorrow, with a teleconference following in the afternoon.(Reuters, via Yahoo Finance)
  2. According to the National Association of Realtors (NAR), existing home sales dropped to their lowest mark in nine months in January. The 4.9% decline comes amid a shortage of properties for sale, and in spite of historically low 30-year mortgage rates. Economists predicted existing home sales to hit an annual rate of 4.97 million units, with the actual reading coming in at 4.82 million units. (Reuters)
  3. Herbalife Ltd. (NYSE:HLF) will present earnings after the close on Thursday, and in the meantime, speculators are growing bullish.
  4. INTC was the recipient of a positive analyst note, while Transocean LTD (NYSE:RIG) wasn't so lucky.
  5. In case you missed it ... Schaeffer's contributor Adam Warner breaks down the VIX complex's "Volatility Ghost."
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:

Oil ended lower today, falling below $50 in spite of reports that OPEC could hold an emergency meeting -- and ultimately cut production. At the close, oil for April delivery was off $1.36, or 2.7%, at $49.45 per barrel. Meanwhile, in the wake of U.S. refinery strikes, March heating oil added 5%.

Gold dropped again today, due to a stronger dollar and light Lunar New Year volume from China. April-dated gold lost $4.10, or 0.3%, to close at $1,200.80 an ounce -- a seven-week low.

 

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