Fed Fears, Dollar Smack Dow Jones Industrial Average

Crude inventories rose by more than expected last week

by Karee Venema

Published on Mar 11, 2015 at 4:18 PM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (INDEXDJX:DJI) spent time on both sides of breakeven today, as traders continued to monitor a soaring greenback -- and express concern over an impending interest-rate hike. Some clarity on the latter could come as early as next week, when the Federal Open Market Committee (FOMC) holds its two-day policy-setting meeting. After trading in a roughly 100-point range, the blue-chip barometer couldn't hold above breakeven, and notched its second consecutive daily loss. In tomorrow's session, retailers will be in the limelight, with monthly sales data slated for release.

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

The Dow Jones Industrial Average (DJI - 17,635.39) was seen on both sides of breakeven today, eventually settling with a loss of 27.6 points, or 0.2%. Of the Dow's 30 components, 18 closed lower, led by a 1.5% drop for The Coca-Cola Co (NYSE:KO). INTC paced the 12 advancers with its 2% gain.

Likewise, the S&P 500 Index (SPX - 2,040.24) explored both positive and negative territory in intraday action, before closing at a 3.9-point, or 0.2%, loss. The Nasdaq Composite (COMP - 4,849.94), meanwhile, gave back 9.9 points, or 0.2%.

The CBOE Volatility Index (VIX - 16.87) added 0.2 point, or 1.1%, but ran into resistance at its 50-day moving average.



5 Items on Our Radar Today:

  1. Roughly two weeks after Valeant Pharmaceuticals Intl Inc (NYSE:VRX) finalized a $10.1 billion deal to purchase Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP), Endo International plc (NASDAQ:ENDP) raised the stakes. Specifically, ENDP offered up a roughly $11 billion cash-and-stock bid for SLXP. (Reuters)
  2. The International Monetary Fund (IMF) passed through a $17.5 billion aid package for Ukraine today, with $5 billion immediately available to the war-torn nation. The four-year loan package replaces a previous two-year loan agreement, and "will provide more funding, more time, more flexibility, and better financing terms for Ukraine," said IMF chief Christine Lagarde in a statement. (Bloomberg)
  3. Breaking down the six-figure bearish bet on GM.
  4. The medical device maker assailing new heights after an earnings beat.
  5. How option traders reacted to new investments for Alibaba Group Holding Ltd (NYSE:BABA) and Google Inc (NASDAQ:GOOGL).

For a look at today's options movers and commodities activity, head to page 2.




Crude oil headed south thanks to a rising dollar, and a stronger-than-forecast rise in weekly inventories. By the close, crude for April delivery was down 12 cents, or 0.3%, at $48.17 per barrel -- its lowest settlement since Feb. 26.

Gold closed lower for a second straight session, amid a strengthening greenback and speculation of higher interest rates. At session's end, April-dated gold was off $9.50, or 0.8%, at $1,150.60 per ounce -- its lowest close since Nov. 6.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.
First Week in April Provides More Coronavirus-Related Volatility
A slew of coronavirus-related news sent markets on another weekly roller coaster ride
Netflix Stock Heading into Historically Bullish Quarter
NFLX's 10-day moving average has stepped up as support lately
The Latest Investor's Guide to Precious Metals
Learn how to protect savings and maximize returns by investing in precious metals.