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The conflict in Yemen moved oil higher once again
After a dismal start, the Dow Jones Industrial Average (DJIA) made a strong push in the second half of the day -- and traded in positive territory for a short time -- but eventually finished slightly lower. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) both followed similar paths, closing well off their intraday lows. Also, for the fifth day in a row, crude shot higher, with conflicts in Yemen stoking supply worries. Likewise, safe-haven demand ushered gold to a seventh straight win. On the economic front, weekly jobless claims came in at their lowest point in over a month. For tomorrow, traders will be zeroed in on the final fourth-quarter gross domestic product (GDP) figures.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,678.23) was down almost 140 points at its session low, but ultimately pared its loss to 40.3 points, or 0.2%, for a fourth straight drop. Of the Dow's 30 components, seven moved higher, led by International Business Machines Corp.'s (NYSE:IBM) 0.9% gain. American Express Company (NYSE:AXP) was the biggest loser, dropping 2%.
The S&P 500 Index (SPX - 2,056.15) peeked above breakeven in afternoon action, but fell 4.9 points, or 0.2%, by the close. The Nasdaq Composite (COMP - 4863.36) lost 13.2 points, or 0.3%, after being down 50 points out of the gate.
The CBOE Volatility Index (VIX - 15.80) jumped again today, adding 0.4 point, or 2.3%.
5 Items on Our Radar Today:
- A French prosecutor is claiming that the co-pilot of the German Airbus that crashed in France on Tuesday took the plane down intentionally. The prosecutor, Brice Robin, asserted that the co-pilot locked the captain out of the cockpit, and preceded to show actions that to him seemed like a "willingness to destroy this aircraft."(MarketWatch)
- Iranian leaders are ordering an end to all Saudi-led military action in Yemen. The demand comes after Saudi-led airstrikes took place on Thursday. Iranian Foreign Minister Mohammad Javad Zarif stated, "We will make all efforts to control the crisis in Yemen. (Reuters)
- Option bulls were there to meet Novo Nordisk A/S (ADR) (NYSE:NVO) as it hit all-time highs today.
- It hasn't been a great week for Juniper Networks, Inc. (NYSE:JNPR), and short-term put buyers are taking notice.
- No one wants to watch that Jaguars-Bills game the NFL is streaming, right? Well, actually ...
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude moved higher for a fifth straight day, toppling the round-number $50 mark, as tensions in Yemen raised questions over supply. May-dated oil tacked on $2.22, or 4.5%, to finish at $51.43 per barrel.
Gold extended its winning streak to seven sessions, as uncertainty surrounding stocks pushed investors toward the safe-haven metal. April-dated gold added $7.80, or 0.7%, to settle at $1,204.80 per ounce, its highest perch since the beginning of the month.