The DJIA gave back its gains from yesterday, as traders pondered the health of the global economy and commodities tanked
The Dow Jones Industrial Average (DJIA) wiped out yesterday's triple-digit gain -- and sank deeper into correction territory -- as global economic fears took hold once again. Also weighing on U.S. markets was a dismal day in Europe -- fueled by the Volkswagen scandal -- as well as a sell-off among commodities. On a percentage basis, the Nasdaq Composite (COMP) underperformed its peers, and at its session low was in negative year-to-date territory.
Continue reading for more on today's market, including:
The
Dow Jones Industrial Average (DJIA - 16,330.47) was down by more than 288 points at its intraday low, and on pace for its 20th drop of 200-plus points in 2015. However, the blue-chip bellwether ended 179.7 points, or 1.1%, lower. Just three of the Dow's 30 components ended in the green, led by DuPont's (NYSE:DD) 0.7% advance. Of the 27 losers, United Technologies Corporation (NYSE:UTX) got hit the hardest, plunging 3.7%.
The
S&P 500 Index (SPX - 1,942.74) slid 24.2 points, or 1.2%, giving up a perch atop its 20-day moving average. The
Nasdaq Composite (COMP - 4,756.72) fared even worse, losing 72.2 points, or 1.5%, while testing -- and ultimately settling atop -- its year-to-date flatline.
The
CBOE Volatility Index (VIX - 22.44) spiked 2.3 points, or 11.4%, but failed to end above its 10-day trendline for a 14th consecutive session.
5 Items on Our Radar Today:
- The Securities and Exchange Commission (SEC) unanimously agreed to propose rules that will increase oversight on mutual funds and exchange-traded funds (ETFs) (subscription required). "Changes in the modern asset-management industry call on us to now look anew at liquidity management in funds and propose reforms that will better protect investors and maintain market integrity," said SEC Chair Mary Jo White in a written statement. (The Wall Street Journal)
- Energy giant Halliburton Company (NYSE:HAL) has agreed to pay more than $18 million in overtime to end a probe by the U.S. Labor Department into the company's wage practices. In other mega-cap news, Bank of America Corp (NYSE:BAC) shareholders voted to keep CEO Brian Moynihan as chairman. (Reuters)
- How Volkswagen's scandal put the hurt on these 4 automakers, while a pair of automotive retailers diverged on earnings.
- A newly announced round of job cuts walloped GRPN -- and option bulls.
- This drugmaker suffered a second straight loss, despite upbeat analyst attention.
Commodities:
Crude oil succumbed to the broad-market headwinds, as well as pressure from a stronger dollar. Specifically, the October-dated contract -- which expired at the close -- was down 85 cents, or 1.8%, to settle at $45.83 per barrel, representing a sharp reversal from Monday's trade.
Gold futures stumbled amid rate-hike expectations, a strengthening greenback, and overall weakness in the commodities sector. By the close, gold for December delivery was off $8, or 0.7%, at $1,124.80 per ounce.