The DJIA notched its seventh straight win amid a low-volume session
As expected, it was a low-volume session on Wall Street today, with the bond market closed for the Columbus Day holiday. In fact, the Dow Jones Industrial Average (DJIA) tracked a range of less than 75 points, before settling with modest gains -- and extending its longest winning streak of 2015. Elsewhere, the S&P 500 Index (SPX) also ended the day slightly higher -- which could spell additional gains for the broad-market barometer down the road. Volatility is sure to pick up, though, with earnings season getting underway -- and October options expiration to contend with.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,131.86) added 47.4 points, or 0.3%, to close at its highest level since Aug. 19. Eighteen of the Dow's components gained ground, led by UnitedHealth Group Inc's (NYSE:UNH) 2.7% pop. Caterpillar Inc. (NYSE:CAT) paced the 12 decliners with its 1.1% loss.
The S&P 500 Index (SPX - 2,017.46) rose 2.6 points, or 0.1%, while the Nasdaq Composite (COMP - 4,838.64) tacked on 8.2 points, or 0.2%.
The CBOE Volatility Index (VIX - 16.17) shed 0.9 point, or 5.3%, to settle at its session low.
5 Items on Our Radar Today:
- Atlanta Fed President Dennis Lockhart said that an improving job market would make raising interest rates in 2015 "justifiable." Separately, Chicago Fed President Charles Evans -- who has said he thinks a 2016 increase is "the best choice" -- noted that there is "wiggle room" in terms of the timing of liftoff. (Bloomberg, Reuters)
- Ahead of Wednesday's deadline, BUD upped its takeover offer for SABMiller Plc to roughly 67.4 billion pounds, or $103.6 billion. This is the fourth bid the former has put in for the latter -- the most recent of which occurred last week. (Bloomberg)
- EMC Corporation (NYSE:EMC) agreed to be bought out by privately held Dell Inc. for roughly $67 billion -- marking the biggest takeover in the technology industry on record.
- This EMC affiliate tumbled to a two-year low amid a perfect bearish storm -- but option traders think the worst is yet to come.
- Have we seen an end to the ugliness? Schaeffer's contributor Adam Warner offers up his two cents.
Commodities:
Crude oil got smacked today, amid reports that the Organization of the Petroleum Exporting Countries (OPEC) increased production in September. By the close, crude for November delivery was down $2.53, or 5.1%, at $47.10 per barrel -- its steepest one-day loss since Sept. 1.
Gold, meanwhile, jumped, thanks to a cooling greenback. At session's end, December-dated gold was up $8.60, or 0.7%, at $1,164.50 per ounce. This is the malleable metal's highest settlement since July 6.