The DJIA bounced back from a midday slump, adding 122 points
The Dow Jones Industrial Average (DJIA) tracked a nearly 200-point trading range today. Although the blue-chip barometer spent time on both sides of breakeven, the action eventually resolved to the upside, as a rebound in biotechs outweighed pressure from the energy sector. Elsewhere, the S&P 500 Index (SPX) came within a chip-shot of toppling the critical 2,000 mark for the first time since mid-September, while the Nasdaq Composite (COMP) extended its year-to-date lead.
Looking ahead, the rest of the week should be a busy one. Not only will traders be dissecting the minutes from the September Fed meeting with a fine-toothed comb, they'll also be contemplating the unofficial start of earnings season.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,912.29) was down 25 points at midday, before muscling back to a 122.1-point, or 0.7%, gain. The Dow has ended higher four sessions in a row, marking its best winning streak since July. Twenty-five of the Dow's 30 components closed higher, led by Merck & Co., Inc.'s (NYSE:MRK) 2.3% pop. Nike Inc (NYSE:NKE) paced the five decliners with its 0.9% drop.
The S&P 500 Index (SPX - 1,995.83) came within one point of toppling the 2,000 mark in intraday action, and settled up 15.9 points, or 0.8%. The Nasdaq Composite (COMP - 4,791.15), meanwhile, outperformed its peers, adding 42.8 points, or 0.9%.
The CBOE Volatility Index (VIX - 18.40) shed 1 point, or 5.2%, to close at its lowest perch since Aug. 20.
5 Items on Our Radar Today:
- NOK unveiled a number of managerial and organizational updates to its planned takeover of Alcatel Lucent SA (ADR) (NYSE:ALU). Specifically, NOK plans to combine managers from both firms, with the combined company creating four groups -- Mobile Networks, Fixed Networks, Applications & Analytics, and IP/Optical Networks. The acquisition is expected to be completed in the first half of 2016. (MarketWatch)
- Bill Ackman's disdain for HLF has been fodder for the Street for some time, and today, the activist investor said he has "lots of new stuff, none I can report," and to "stay tuned." The comments were enough to send HLF down 7.4%, while sector peer Nu Skin Enterprises, Inc. (NYSE:NUS) plunged on a dismal forecast.
- Schaeffer's contributor Adam Warner took a closer look at the "insider trading" allegations levied against one DraftKings employee.
- This cybersecurity name got a lift after unveiling its newest acquisition.
- How Saudi Arabian royalty helped prop up Twitter Inc (NYSE:TWTR).
Commodities:
Crude oil erased an early lead, after the Energy Information Administration (EIA) reported a surprise climb in weekly inventories and domestic production. At the close, November-dated crude was down 72 cents, or 1.5%, at $47.81 per barrel -- black gold's first loss in four sessions.
Gold futures rose for a fourth straight day, with gold for December delivery settling up $2.30, or 0.2%, at $1,148.70 per ounce.