Dow Jones Industrial Average Drops Triple Digits

Developments overseas and weak earnings did in U.S. markets

by Josh Selway

Published on Apr 17, 2015 at 4:31 PM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (DJIA) got punished today -- suffering its first weekly loss in three -- but maintained a foothold atop its year-to-date breakeven level. There was nothing to save the index from global fears stemming from regulatory developments in China and refreshed anxiety over the situation in Greece. As if investors needed more to weigh them down, earnings from blue chips disappointed, as well, and rising consumer prices revived concerns about an imminent rate hike.

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

The Dow Jones Industrial Average (DJIA - 17,826.30) faced a triple-digit deficit out of the gate, and was down more than 350 points at its session low. At the close, the index was down 279.5 points, or 1.5%, and back beneath the 18,000 level. Not one of the index's 30 components ended higher. After its disappointing earnings report, American Express Company (NYSE:AXP) was the biggest loser, giving back 4.4%. On the week, the Dow dropped 1.3%.

The S&P 500 Index (SPX - 2,081.18) followed a similar path, dropping 23.8 points, or 1.1%, to breach 2,100. The Nasdaq Composite (COMP - 4,931.81) dropped 76 points, or 1.5%, to end back below 5,000. The SPX gave back 1% on the week, while the COMP fell 1.3%.

The CBOE Volatility Index (VIX - 13.89) took off today, adding 1.3 points, or 10.2%, to take out 13 and finish above its 10- and 20-day moving averages. For the week, the "fear gauge" added 10.4%.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Regulators in China are loosening short-selling rules and limiting the amount of money that can be lent to small investors. The move is meant to slow down the nation's surging stock market, with China's Shanghai Composite nearly doubling during the past year. (CNBC)
  2. The Group of 20 (G20) waxed optimistic on the global economic picture during a conference today. While there was mention of possible weakness in emerging markets, and no formal mention of Greece, the G20 communique pointed to positive economic indicators from wealthier countries. (Reuters)
  3. The cloud concern that was relegated to the short-sale restricted (SSR) list.
  4. Speculators have high hopes for this company's earnings report next week.
  5. Did Etsy Inc (NASDAQ:ETSY) cool off after its fantastic first day?
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 fell with the broader market, bringing an end to its six-session winning streak. At the close, May-dated crude fell 97 cents, or 1.7%, to settle at $55.74 per barrel. Still, crude added 7.9% on the week.

Gold ended higher amid the market sell-off. At the close, gold for June delivery added $5.10, or 0.4%, at $1,203.10 per ounce. On the week, the safe-haven metal ended 0.1% lower.


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