The DJIA was seemingly down and out -- but managed to erase a triple-digit loss by the close
What looked like another tough day for the Dow Jones Industrial Average (DJIA) -- due to another currency decision out of China -- took an unexpected turn. The blue-chip index was down more than 275 points at its session low, but staged a severe comeback in the second half of trading. What's more, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) fared even better. The recovery was driven by the energy sector, as crude bounced from six-year lows, as well as chatter that the yuan devaluation could stall a Fed rate hike. On the data front, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for June indicated that job openings fell, even as hiring picked up. Looking ahead, retail figures will be in focus tomorrow morning.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,402.51) ended just short of breakeven on the heels of a major comeback, closing just 0.3 point lower. Seventeen of the 30 Dow components closed higher, led by Exxon Mobil Corporation's (NYSE:XOM) and Intel Corporation's (NASDAQ:INTC) 1.7% jumps. JPMorgan Chase & Co. (NYSE:JPM) was the biggest loser, giving back 1.5%, while Home Depot (NYSE:HD) finished flat.
The S&P 500 Index (SPX - 2,086.05) managed to find its footing for a 2-point, or 0.1%, gain, avoiding negative year-to-date territory. The Nasdaq Composite (COMP - 5,044.39) followed suit, picking up 7.6 points, or 0.2%, after breaching 5,000 on an intraday basis.
The CBOE Volatility Index (VIX - 13.61) gave back early gains to end 0.1 point, or 0.7%, lower, after getting as high as 16.28.
5 Items on Our Radar Today:
- President Obama today wrote a letter to the editor in The New York Times calling on Congress to restore the Voting Rights Act. The president was responding to a Times story that highlighted a history of efforts made to repeal the act. (The New York Times)
- The Treasury Department revealed a 58% increase in the government's budget deficit, compared to last July. The U.S. recorded a $149 billion deficit for July, outdoing economists' expectations of $132 billion. (Reuters)
- GoPro Inc (NASDAQ:GPRO) hit a rough patch -- but can it bounce back?
- Want more bad news? The Dow isn't the only index with a "death cross."
- Facebook Inc (NASDAQ:FB) and Twitter Inc (NYSE:TWTR) were always rivals, but one of the tech giants just took things to another level.
Commodities:
Crude oil moved higher off its lowest close in six years, thanks to a better-than-expected demand forecast from the International Energy Agency. At the close, crude for September was up 22 cents, or 0.5%, at $43.30 per barrel.
Once again, gold closed higher, marking the fifth day in row the precious metal has done so. Continued uncertainty surrounding global markets helped lift gold again. For December delivery, gold ended $15.90, or 1.4%, higher at $1,123.60 per ounce.