Dow Jones Industrial Average Torches Losing Streak With 241-Point Surge

Dow Spikes 241 Points; Plus, Time to Buy These 25 Stocks?

by Josh Selway

Published on Aug 10, 2015 at 4:23 PM
Updated on Jun 24, 2020 at 10:16 AM

It was a huge day on Wall Street, with the Dow Jones Industrial Average (DJIA) shooting more than 200 points higher, and snapping its recent losing streak. Traders were encouraged by rising speculation about fresh stimulus measures out of Beijing, along with news that Greece is close to finalizing a deal with its creditors. Plus, a record deal for Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A) also helped set the stage for the day's gains. Speeches from two Fed officials complicated things slightly, however, as they suggested different timelines for the central bank's first rate hike in years.

 

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

 

 

The Dow Jones Industrial Average (DJIA - 17,615.17) jumped out of the gate and held steady throughout the day, closing 241.8 points, or 1.4%, higher -- its first win in eight sessions. Twenty-nine of the 30 Dow components ended higher, led by Caterpillar Inc.'s (NYSE:CAT) 3.7% surge. The Coca-Cola Co (NYSE:KO) was the sole loser, dropping 0.2%. 

 

Similarly, the S&P 500 Index (SPX - 2,104.18) had a strong day, adding 26.6 points, or 1.3%. The Nasdaq Composite (COMP - 5,101.80) closed up 58.3 points, or 1.2%. 

 

The CBOE Volatility Index (VIX - 12.23) took a 1.2-point, or 8.7%, spill, closing below both its 10- and 20-day moving averages. 

 

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5 Items on Our Radar Today:

 

  1. In a prepared statement on Monday, Atlanta Fed President Dennis Lockhart noted that economic conditions in the United States have largely returned to normal, and the time for an interest rate hike may be near. Lockhart said the economy is near full employment. (Reuters
  2. Democratic presidential candidate Hillary Clinton revealed her plan to make college more affordable on Monday. Part of Clinton's plan promises that students attending in-state colleges wouldn't need to take out loans to afford the school. (CNN
  3. After announcing its biggest buyout ever, Warren Buffett's company was hit with some bearish attention on the Street. 
  4. One brokerage firm expects Amazon.com, Inc. (NASDAQ:AMZN) to break out of its recent funk
  5. For only the second time on record, Schaeffer's contributor Adam Warner found a reason to praise the utility of the iPath S&P 500 VIX Short-Term Futures ETN (VXX).

 

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Commodities:

 

Crude oil moved higher today, thanks to a weakening dollar. Oil for September delivery added $1.09, or 2.5%, to settle at $44.96 per barrel. 

 

Gold futures gained after comments by Federal Reserve Vice Chairman Stanley Fischer, who alluded to a post-September rate hike. December-dated gold, the most popular contract, added $10, or 0.9%, to close at $1,104.10 an ounce. 


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