Dow Jones Industrial Average Hangs On Amid Energy, Apple Bounce

Despite a weak start and end to the day, the Dow Jones Industrial Average (DJIA) managed a positive outing, with help from an Apple Inc. (NASDAQ:AAPL) rebound and a rally in healthcare stocks. In addition, stocks were able to overcome overseas losses and bearish comments from hedge fund hotshot David Tepper, thanks to a rally in commodities and despite mixed domestic data. All in all, traders are remaining cautious heading into next week's highly anticipated September Fed meeting, where the central bank could lift rates for the first time in years. 

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

 

• Bearish betting has hit fever pitch -- but is that a bad thing? 
• Apple wasn't the only tech heavyweight making headlines. 
• 3 stocks to target from one underrated sector. 
• Plus ... Jobless claims, Elon Musk and nukes, and the casino name pleasing the shorts. 

 

The Dow Jones Industrial Average (DJIA - 16,330.40) pared some early gains, but managed a 76.8-point, or 0.5%, victory. Of the Dow's 30 components, 23 finished higher, led by AAPL's 2.2% gain. Wal-Mart Stores, Inc. (NYSE:WMT) was the biggest loser, giving back 1.5%. 

The S&P 500 Index (SPX - 1,952.29) followed a similar path, ending 10.3 points, or 0.5%, higher. The Nasdaq Composite (COMP - 4,796.25) picked up 39.7 points, or 0.8%. 

The CBOE Volatility Index (VIX - 24.37) fell 1.9 points, or 7.1%, to finish below its 20-day moving average for the first time since Aug. 17. 

 

 

 

5 Items on Our Radar Today:

 

1. Once again, there was a decline in U.S. jobless claims. Claims fell by roughly 6,000 during the past week, coming in at an adjusted 275,000 -- in line with analysts' expectations. (​Reuters​) 
2. Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk proposed nuking Mars last night on the Late Show, as a way to warm the planet and make it hospitable. This theory led host Stephen Colbert to jokingly question whether Elon Musk is really a do-gooder... or a supervillain. (Quartz) 
3. Just how volatile are we? 
4. Short sellers are zeroing in on this casino stock sitting at five-year lows. 
5. A look at VIX futures and volatility aftershocks. 

 

 

 

Commodities:

 

Crude followed the equities market higher today, thanks to a weaker dollar, and as strong gasoline demand offset an increase in domestic inventories. At the close, oil dated for October was up $1.77, or 4%, at $45.92 per barrel. 

 

Dollar-denominated gold was also able to gain, even amid some concern over next week's Fed meeting. December-dated gold finished $7.30, or 0.7%, higher at $1,109.30 per ounce.