Dow Jones Industrial Average Staggers to a 272-Point Loss

The Market Mayhem In 3 Charts

Sep 4, 2015 at 4:23 PM
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The Dow Jones Industrial Average (DJIA) ended on a massive triple-digit loss -- nearly wiping out the past two days' worth of gains -- following this morning's mixed nonfarm payrolls report and hawkish comments from a voting Fed member. In fact, all 30 Dow components settled in the red, including Apple Inc. (NASDAQ:AAPL), ahead of next week's big reveal. The data -- as well as its rate-hike implications -- whacked the S&P 500 Index (SPX) and Nasdaq Composite (COMP), too, though a number of airline stocks and drugmakers managed to buck the trend lower.

 

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

 

 

The Dow Jones Industrial Average (DJIA - 16,102.38) snapped a two-day win streak in a big way, plunging 272.4 points, or 1.7%. All 30 blue chips ended south of the flatline, led by DuPont's (NYSE:DD) 3.9% tumble. Week-over-week, the Dow slid 3.2%.

The S&P 500 Index (SPX - 1,921.22) dropped 29.9 points, or 1.5%, bringing its weekly loss to 3.4% -- and putting it in correction territory once again. The Nasdaq Composite (COMP - 4,683.92) gave up 49.6 points, or 1.1%, putting it back in correction territory, as well. The tech-heavy index was down 3% on the week.

The CBOE Volatility Index (VIX - 27.80) muscled 2.2 points, or 8.6%, higher, for its second-highest weekly close since late 2011. On a week-over-week basis, the market's "fear gauge" added 6.7%.

 

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5 Items on Our Radar Today:

 

  1. U.S. payrolls increased by 173,000 last month, according to the Labor Department, fewer than the 217,000 jump expected by economists. However, the jobless rate fell to its lowest level in over seven years, at 5.1%, and hourly earnings rose 0.3% month-over-month, more than forecast. (Bloomberg Business)
  2. Richmond Fed President Jeffrey Lacker called on the central bank to raise interest rates soon, citing "significant progress" in the U.S. labor market. Lacker also said an uptick in consumer spending suggests Americans are confident the economy will keep improving. (Reuters)
  3. Why the worst may be yet to come for this trio of gold stocks.
  4. Option bears might be cheering recent comments from QUALCOMM, Inc's (NASDAQ:QCOM) CEO.
  5. How this fashion brand managed to lose over 40% in a single day.

 

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Commodities:

 

Crude oil dropped amid news that U.S. energy firms sidelined rigs due to slumping prices, as well as fears the Fed will raise interest rates and European growth will slow. At day's end, October-dated crude was down 70 cents, or 1.5%, at $46.05 per barrel. For the week, however, liquid gold gained 1.8%.

 

Gold dropped for a second straight week, as the payrolls report failed to slow speculation of a September rate hike -- which would likely weigh on the precious metal. By the close, December-dated gold was off $3.10, or 0.3%, to settle at $1,121.40 per ounce. On a week-over-week basis, it lost 1.1%.

 

 

 

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