Dow Jones Industrial Average Ends Ugly Week With 203-Point Loss

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Nov 13, 2015 at 4:24 PM
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The Dow Jones Industrial Average (DJIA) extended yesterday's slide, with oil and retail once again in the Street's crosshairs. Black gold wrapped up its worst week in eight months, after the International Energy Agency (IEA) exacerbated fears of a global supply glut and ebbing demand. Meanwhile, less-than-inspiring retail sales data sent consumer discretionary stocks spiraling, and Nordstrom, Inc. (NYSE:JWN) was just one department store that continued the week's theme of ugly earnings. By the time the closing bell mercifully rang, the Dow was sitting on another triple-digit loss, while the Nasdaq Composite (COMP) was south of the key 5,000 level. What's more, both indexes -- along with the S&P 500 Index (SPX) -- effectively snapped their weekly winning streaks.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,245.24) gave up 202.8 points, or 1.2%, to mark its lowest close since Oct. 21, and bringing its weekly deficit to 3.7%. Cisco Systems, Inc. (NASDAQ:CSCO) paced the 25 declining blue chips, falling 5.8% after earnings. Caterpillar Inc. (NYSE:CAT) and DuPont (NYSE:DD) led the four advancers, tacking on 1.4% apiece, while Merck & Co., Inc. (NYSE:MRK) finished flat.

The S&P 500 Index (SPX - 2,023.04) also logged its lowest settlement since Oct. 21, giving up 22.9 points, or 1.1%. The tech-heavy Nasdaq Composite (COMP - 4,927.88) fared the worst of the three, plummeting 77.2 points, or 1.5%, to mark its first close beneath 5,000 since Oct. 22. For the week, the SPX shed 3.6%, while the COMP dropped 4.3%.

The CBOE Volatility Index (VIX - 20.08) ended north of 20 for the first time since Oct. 2, jumping 1.7 points, or 9.3%. For the week, the "fear gauge" surged a massive 40.1%.

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5 Items on Our Radar Today:

  1. Retail sales edged 0.1% higher in October, the Commerce Department reported, falling short of economists' predictions for a 0.4% increase. The stagnation marks a third straight month of lackluster spending.  (MarketWatch)
  2. The producer price index (PPI) fell 0.4% in October, the Labor Department said, marking a second straight monthly drop, and defying expectations for a 0.2% rise. Year-over-year, the PPI swung 1.6% lower -- the ninth consecutive 12-month decrease, signaling lackluster inflation. (Reuters, via CNBC)
  3. This Chinese e-tailer took it on the chin, likely to the dismay of recent option buyers.
  4. Perrigo Company (NYSE:PRGO) was punished after a hostile takeover offer was rejected, though shareholders rewarded its snubbed suitor.
  5. This "technical punching bag" staged a rebound, attracting fresh option bulls.

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Commodities:

Oil extended its recent sell-off, after Baker Hughes said the number of active oil rigs rose last week. In addition, the IEA confirmed a record number of global crude supplies, at 3 billion barrels, and predicted a drop in demand next year. By the bell, December-dated oil dropped $1.01, or 2.4%, to end at $40.74 per barrel. For the week, black gold plunged 8% -- its worst stretch in eight months.

December-dated gold dipped 10 cents to finish at $1,080.90 an ounce -- a fresh five-year low. For the week, the malleable metal surrendered 0.6%, marking its fourth straight weekly drop -- its longest losing streak since July.

 

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