Dow Jones Industrial Average Ekes Out a Win; Oil Hits 6-Year Low

The Right Way to Trade This SPY Moving Average

by Josh Selway

Published on Aug 13, 2015 at 4:34 PM

The Dow Jones Industrial Average (DJIA) struggled for direction today, as traders weighed strong blue-chip earnings and cooling yuan concerns against a sell-off in energy. Specifically, crude oil fell to its lowest close since 2009, pressured by a strengthening dollar. In addition, speculators digested the latest economic data -- including a rise in both weekly jobless claims and monthly retail sales -- and the inevitable round of subsequent rate-hike speculation

 

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

 

 

The Dow Jones Industrial Average (DJIA - 17,408.25) traded in a triple-digit range for the 18th straight session, but ultimately landed 5.7 points, or 0.03%, higher. Just 10 of the Dow's 30 components closed higher, with Cisco Systems, Inc.'s (NASDAQ:CSCO) 2.9% post-earnings gain leading the way. Intel Corporation's (NASDAQ:INTC) 2% loss paced the losers.

 

The S&P 500 Index (SPX - 2,083.39) wasn't able to turn positive, closing 2.7 points, or 0.1%, lower. The Nasdaq Composite (COMP - 5,033.56) also ended a seesaw session in the red, giving back 10.8 points, or 0.2%. 

 

The CBOE Volatility Index (VIX - 13.49) settled 0.1 point, or 0.9%, lower, but remained above its 10- and 20-day moving averages. 

 

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5 Items on Our Radar Today:

 

  1. At least 50 people are dead after a pair of giant explosions in China yesterday. The incident occurred when a chemical plant caught fire, thought no one is sure what caused the blasts.  (Reuters
  2. "Sesame Street" has signed a deal with HBO that gives the cable network -- owned by Time Warner Inc (NYSE:TWX) -- the exclusive rights to the TV series' new episodes. After a nine-month waiting period, though, the episodes will air on PBS, where they've aired for years. (​The New York Times​) 
  3. The coffee concern that has plummeted nearly 70% since November
  4. Traders were not amused by the reports of this smartphone maker's new partnership
  5. These 3 popular stocks could be on the verge of a short-covering rally. 

 

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Commodities:

 

A strengthening dollar and ongoing supply concerns pushed crude lower. By the close, oil for September slid $1.07, or 2.5%, to $42.23 per barrel -- its lowest close in more than six years. 

 

In similar fashion, gold moved lower as the greenback gained ground, and after the World Gold Council said demand hit a six-year low in the second quarter. Gold for December delivery settled $8, or 0.7%, lower at $1,115.60 per ounce, snapping its five-session winning streak.


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