Dow Jones Industrial Average Snaps Losing Streak With Triple-Digit Win

The Big Level to Watch for Small-Caps

by Karee Venema

Published on Jul 28, 2015 at 4:28 PM
Updated on Jul 28, 2015 at 4:28 PM

After five consecutive sessions in the red, the Dow Jones Industrial Average (DJIA) bounced back in a big way today. In fact, the 30-stock index was up more than 200 points at its intraday peak, as a rally in energy names, solid earnings from a pair of blue-chip biotechs, and optimism ahead of tomorrow's big Fed announcement offset an extended sell-off in China and uninspiring economic data. While the blue-chip barometer is still staring at a year-to-date deficit, it did manage to erase all of its weekly and monthly losses.
 

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

 

 

The Dow Jones Industrial Average (DJIA - 17,630.27) tracked a 209-point range today -- with all of the action occurring to the upside -- before settling with a 189.7-point, or 1.1%, gain. Twenty-seven of the Dow's components gained ground, led by Exxon Mobil Corporation's (NYSE:XOM) 4.1% pop. The two laggards were DuPont (NYSE:DD) -- which shed 1.5% -- and MSFT, which closed fractionally lower, while Cisco Systems, Inc. (NASDAQ:CSCO) finished flat.

 

The S&P 500 Index (SPX - 2,093.25) tacked on 25.6 points, or 1.2%, and closed 2.4 points off of its intraday peak. The Nasdaq Composite (COMP - 5,089.21), meanwhile, jumped 49.4 points, or 1%, but ran out of steam near the 5,100 level.

 

The CBOE Volatility Index (VIX - 13.44) peaked above breakeven in early trading, before closing down 2.2 points, or 13.9%.

 

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5 Items on Our Radar Today:

 

  1. Consumer confidence plunged to its lowest level since September 2014 in July, with the Conference Board's index unexpectedly falling to 90.9. Elsewhere on the economic front, home prices in 20 major U.S. cities rose 4.9% year-over-year in May -- less than expected. Sequentially, home prices increased a seasonally adjusted 0.2%. (CNBC; USA Today)
  2. Intel Corporation (NASDAQ:INTC) and Micron Technology, Inc. (NASDAQ:MU) today unveiled 3D XPoint technology -- a breakthrough in the memory storage market. Specifically, the new chip is projected to be 1,000 times faster than NAND. (Forbes)
  3. BIDU bottomed at a new annual low, after the company's dismal turn in the earnings confessional was met with a round of negative analyst notes.
  4. Schaeffer's contributor Adam Warner breaks down the cheapest "overbought" VIX we've seen in years.
  5. The brokerage bunch just can't get enough of eBay Inc (NASDAQ:EBAY) spin-off Paypal Holdings Inc (NASDAQ:PYPL).

 

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Commodities:

 

Crude oil snapped its four-day losing streak, as bargain hunters swooped in. At the close, crude for September delivery was up 59 cents, or 1.2%, at $47.98 per barrel.

 

Gold futures settled slightly lower today, following reports that second-quarter demand for the malleable metal skidded to its slowest pace in six years. By session's end, August-dated gold was off 20 cents at $1,096.40 per ounce.


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