Fed Fuels Dow Jones Industrial Average, S&P to Big Wins

After 5 Straight Wins, Is the Dow Due for a Breather?

Oct 8, 2015 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) traded in a 222-point range today, spending time on both sides of breakeven. The minutes from the Fed's September meeting helped stoke a burst of late-afternoon buying power -- and push the Dow to its fifth straight win, as well as a close north of 17,000. This area -- with a little assistance from the Fed -- put a halt to the blue-chip barometer's mid-September rally. Elsewhere, the S&P 500 Index (SPX) was successful in taking out the round-number 2,000 mark, closing north of here for the first time since Aug. 20.  

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

The Dow Jones Industrial Average (DJIA - 17,050.75) added 138.5 points, or 0.8%, to close north of 17,000 for the first time since Aug. 19. Nike Inc (NYSE:NKE) paced the 24 advancers with its 2.3% win, while Apple Inc.'s (NASDAQ:AAPL) 1.2% loss led the four decliners. American Express Company (NYSE:AXP) and JPMorgan Chase & Co. (NYSE:JPM) were unchanged.
The S&P 500 Index (SPX - 2,013.43) outpaced its peers, tacking on 17.6 points, or 0.9%. The Nasdaq Composite (COMP - 4,810.79) erased an earlier deficit to gain 19.6 points, or 0.4%.

After breaching the 17 mark in intraday action for the first time since Aug. 20, the CBOE Volatility Index (VIX - 17.42) eventually settled down 1 point, or 5.3%.



5 Items on Our Radar Today:

  1. The minutes from the Federal Open Market Committee's (FOMC) September meeting showed the central bank was concerned that recent events would raise "downside risk" to the economy . Additionally, although this risk wasn't enough to significantly alter the Fed's view of the economy, the FOMC felt "it was prudent to wait for additional information." (CNBC)
  2. House Majority Leader Kevin McCarthy, R-Calif., has taken his name out of contention to replace John Boehner, R-Ohio, as Speaker of the House, after Boehner announced his resignation just two weeks ago. McCarthy was largely considered the front-runner, and his decision has reportedly left House Republicans "absolutely stunned." (Bloomberg)
  3. NFLX was off more than 5% at its session low, until news of a revamped pricing plan sent the shares soaring 6%.
  4. The bullish brokerage note that helped buoy El Pollo LoCo Holdings Inc (NASDAQ:LOCO) to a big win.
  5. Amazon.com, Inc. (NASDAQ:AMZN) took a big swipe at Etsy Inc (NASDAQ:ETSY), sending shares of the latter sharply lower.





A big rally in Chinese stocks and Russia's escalating military presence in Syria sent crude oil soaring today, with black gold briefly climbing above $50 in intraday action. By the close, the November-dated contract was up $1.62, or 3.4%, at $49.43 per barrel.

Gold for December delivery closed down $4.40, or 0.4%, $1,144.30 per ounce. However, following the Fed minutes, the malleable metal turned higher in after-hours action.


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