Dow Jones Industrial Average, S&P 500 Find Critical Support

Why Google's One to Watch Tomorrow; Plus, Crude Takes Flight

by Karee Venema

Published on Jun 2, 2015 at 4:29 PM

It was a rough start to the day for the Dow Jones Industrial Average (DJIA), which took a dive below 18,000, before eventually finding a foothold atop this round-number mark. It was a similar set-up for the S&P 500 Index (SPX), whose earlier sell-off was contained by this highly watched area -- site of last week's lows.

In addition to key technical levels serving as support for the broad-market barometers, upbeat auto sales, easing concerns about Greece, and relatively dovish comments from one Fed official also helped bring indexes off intraday lows. However, although both the Dow and SPX settled north of these marks, they were unable to muster up a win on the day. Crude oil, on the other hand -- as well as a number of energy components -- saw a big surge ahead of Friday's highly anticipated OPEC meeting.

 

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

 

 

The Dow Jones Industrial Average (DJIA - 18,011.94) traded in a 166-point range today, eventually settling with a 28.4-point, or 0.2% loss. Nineteen of the DJIA's 30 components closed lower, led by Intel Corporation's (NASDAQ:INTC) 1.9% analyst-induced drop. Boeing Co (NYSE:BA) paced the 11 advancers with its 1.4% gain.

 

The S&P 500 Index (SPX - 2,109.60) also explored both sides of breakeven, and closed down 2.1 points, or 0.1%. Not to be left out, the Nasdaq Composite (COMP - 5,076.52) settled down 6.4 points, or 0.1%.

 

The CBOE Volatility Index (VIX - 14.24) added 0.3 point, or 1.9%, and closed north of its 80-day moving average for the first time since March 11.

 

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5 Items on Our Radar Today:

 

  1. Eurozone officials are reportedly close to finishing up a reform package aimed at helping Greece avoid default to the International Monetary Fund (IMF) this month. Meanwhile, Greece is also supposedly hashing out the final details in its reform proposal. The debt-strapped nation is scheduled to make a $329.6 million payment to the IMF on Friday -- its first of four due in June. (Reuters)
  2. Just days after being re-elected to his fifth term as president of FIFA, Sepp Blatter announced he will resign. The world's foremost soccer organization has come under scrutiny of late, amid bribery charges and subsequent arrests of FIFA execs. Blatter said he will choose his successor in a special congress he will call sometime between December and March. (Bloomberg)
  3. These two airlines felt the heat of an early morning bomb threat.
  4. Plug Power Inc (NASDAQ:PLUG) saw a pop in call volume -- and price -- after announcing a newly expanded deal with the neighbors to our north.
  5. LinkedIn Corp (NYSE:LNKD) saw a second straight day of Icahn-related gains, but options traders think there's more room to run.

 
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Commodities:

 

Crude oil got a boost today from a cooling dollar and expectations that tomorrow's inventories update will show a fifth-straight weekly decline in supplies. In addition, comments from Saudi Arabia's oil minister ahead of Friday's meeting of the Organization of the Petroleum Exporting Countries (OPEC) also bolstered black gold. At the close, crude for July delivery was up $1.06, or 1.8%, at $61.26 per barrel -- its loftiest settlement since Dec. 9.

 

Gold also gained ground, thanks to the weakening greenback and a worse-than-expected reading on factory orders. By the close, August-dated gold was $5.70, or 0.5%, higher at $1,194.40 per ounce.

 


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