GDP, Oil Spark 369-Point Gain for Dow Jones Industrial Average

6 Stocks for Your September Watch List

Aug 27, 2015 at 4:22 PM
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The Dow Jones Industrial Average (DJIA) came out swinging for a third straight session, and ended comfortably higher for the second day in a row. A rally in China and a favorable gross domestic product (GDP) "reset" got the bullish ball rolling, and a major oil rebound kept some wind in the bulls' sails. By the close, the blue-chip barometer was in the black for the week, and out of correction territory.

 

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

The Dow Jones Industrial Average (DJIA - 16,654.77) gave Wall Street a little scare around 3 p.m. ET, but eventually regained steam to end 369.3 points, or 2.3%, higher. Yet again, all 30 Dow components moved in unison, with oil issue Chevron Corporation (NYSE:CVX) leading the pack with a 6.2% surge.

The S&P 500 Index (SPX - 1,987.66) ended near a session high, gaining 47.2 points, or 2.4%. The Nasdaq Composite (COMP - 4,812.71) outperformed its peers, tacking on 115.2 points, or 2.5%, to claw out of correction territory. The SPX and COMP are also in the black for the week.

The CBOE Volatility Index (VIX - 26.10) gave back another 4.2 points, or 13.9%, marking its third straight loss.

 

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5 Items on Our Radar Today:

 

  1. Venezuela reportedly requested an emergency meeting with the Organization of the Petroleum Exporting Countries (OPEC), in hopes of stopping the proverbial bleeding in crude, which is just off six-year lows. (MarketWatch)
  2. Apple Inc. (NASDAQ:AAPL) confirmed it will hold an event on Wednesday, Sept. 9. Apple told invitees to prompt Siri for a hint, but always the professional, she responded with things like, "Why don't you check a rumors blog? That's what I do." In addition, Fitbit Inc (NYSE:FIT) sat out the rally on reports that AAPL is hot on its trail.  (CNBC)
  3. Freeport-McMoRan Inc (NYSE:FCX) traders cheered major cost-cutting plans.
  4. How Amazon.com, Inc. (NASDAQ:AMZN) is following in the footsteps of Netflix, Inc. (NASDAQ:NFLX).
  5. Chesapeake Energy Corporation (NYSE:CHK) and Exxon Mobil Corporation (NYSE:XOM) are drawing a crowd in the options pits.

 

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Commodities:

 

Crude enjoyed its biggest one-day gain since 2009, thanks to upbeat economic data, a decline in weekly inventories, and Venezuela's request for an OPEC audience. By the close, the October contract was up $3.96, or 10.3%, to settle at $42.56 per barrel.

 

On the flip side, gold ended lower for the fourth straight session, due to a stronger dollar and as encouraging economic data diminished the metal's appeal as a safe-haven investment. December-dated gold ended $2, or 0.2%, lower at $1,122.60 an ounce.

 

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