Late-Day Surge Sends Dow Jones Industrial Average Higher

Is Yahoo Headed for an Explosive Earnings Reaction?

by Andrea Kramer

Published on Oct 19, 2015 at 4:22 PM

The Dow Jones Industrial Average (DJIA) spent most of the day in the red, as Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) followed oil into negative territory. A six-year low in China's gross domestic product (GDP) exacerbated concerns about energy demand, sending black gold to a two-week low. Meanwhile, the latest batch of big-cap earnings reports left much to be desired, with financial name Morgan Stanley (NYSE:MS) headlining the mega misses. Nevertheless, the Dow and S&P 500 Index (SPX) eked out modest gains, while the tech-rich Nasdaq Composite (COMP) outperformed. 

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

The Dow Jones Industrial Average (DJIA - 17,230.54) made a break higher in the final minutes of trading, adding 14.6 points, or 0.08%. Fourteen of the Dow's 30 components ended higher, led by Nike Inc's (NYSE:NKE) 2.1% surge. XOM paced the 14 losers, dropping 1.8%, while Cisco Systems, Inc. (NASDAQ:CSCO) and Verizon Communications Inc. (NYSE:VZ) finished flat.
 
The S&P 500 Index (SPX - 2,033.66) also spent most of the day in the red, but an eleventh-hour boost put the index up 0.6 point. The Nasdaq Composite (COMP - 4,905.47) outperformed its peers all day, settling with a gain of 18.8 points, or 0.4%.

Despite starting higher, the CBOE Volatility Index (VIX - 14.98) succumbed to pressure in late-day trading, ending on a loss of 0.07 point, or 0.5% -- its first finish south of 15 since Aug. 18.


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5 Items on Our Radar Today:

  1. The Fed should hike interest rates "in the near future," opined San Francisco Fed President John Williams to Bloomberg TV, stating the U.S. economy is on the right track, despite inflationary pressure from overseas. (Reuters)
  2. Homebuilder confidence soared to the highest point in roughly 10 years in October, as the National Association of Home Builders (NAHB) housing market index jumped 3 points to 64. (CNBC)
  3. Energy stocks declined in step with oil, and this popular target among call buyers was no exception.
  4. solid quarter for Star Wars toys wasn't enough to help Hasbro, Inc. (NASDAQ:HAS).
  5. Are lower drug prices ahead? This CEO thinks so.

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Commodities:

Oil futures ended with a thud today, pressured by concerns over slowing demand from the Chinese mainland. Crude for November delivery shed $1.37, or 2.9%, to finish at $45.89 per barrel -- its lowest close in more than two weeks. 

Gold also lost ground, paring some of last week's healthy gains. December-dated gold futures shed $10.30, or 0.8%, to end the day at $1,172.80 per ounce.


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