Dow Jones Industrial Average Gives Up Triple-Digit Lead

Big Money Abandons Sinking Solar Stock

by Andrea Kramer

Published on Nov 17, 2015 at 4:27 PM
Updated on Nov 17, 2015 at 4:30 PM

The Dow Jones Industrial Average (DJIA) was on pace for a second straight triple-digit rally, as traders applauded solid earnings from Wal-Mart Stores, Inc. (NYSE:WMT) and Home Depot Inc (NYSE:HD), and European markets wrapped up their best session in weeks. However, crude oil turned lower to resume its downtrend, and reports of a bomb threat in Germany sent shivers down the Street. By the close, the blue-chip barometer had erased nearly all its lead, while the S&P 500 Index (SPX) backpedaled into the red.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,489.50) was up more than 116 points at its intraday peak -- stopping just shy of the 17,600 level -- but pared its lead to just 6.5 points, or 0.04%, by the close. Earnings winners HD and WMT led the 11 advancing blue chips, tacking on 4.4% and 3.5%, respectively. Caterpillar Inc. (NYSE:CAT) paced the declining majority, giving up 1.4%.

The S&P 500 Index (SPX - 2,050.44) followed a similar path -- and was briefly in the black on a year-to-date basis -- ultimately dropping 2.8 points, or 0.1%. The Nasdaq Composite (COMP - 4,986.02) made a brief foray north of 5,000, but erased nearly all of its lead, adding just 1.4 points, or 0.03%.

The CBOE Volatility Index (VIX - 18.84) broke out in the final hours of trading, ending 0.7 point, or 3.7%, higher.

151117 recap1
151117recap2

5 Items on Our Radar Today:

  1. Fed Chair Janet Yellen told House leaders that adopting a bill to reform the central bank would be "a grave mistake," as it would politicize interest rate decisions. The legislation is schedule for a House vote this week. (MarketWatch)
  2. A soccer match in Germany -- with German Chancellor Angela Merkel reportedly scheduled to attend -- was canceled after a bomb threat. "We had concrete evidence that someone wanted to set off an explosive device in the stadium," said Volker Kluwe, Hannover police chief, not even a week after suicide bombs went off outside a friendly France-Germany soccer game. (AP, via CNBC)
  3. Is there an ideal time to fade an overbought VIX? Schaeffer's contributor Adam Warner weighs in.
  4. 4 athletic apparel makers that swooned in sympathy with Dick's Sporting Goods Inc (NYSE:DKS).
  5. 2 pharmaceutical stocks that can't catch a break.

151117 recap3

151117recap4

151117recap5

Commodities:

Crude pulled back again today, amid re-emerging concerns about a global supply glut. By the close, December-dated oil had erased yesterday's gains, dropping $1.07, or 2.6%, to sit at $40.67 per barrel.

Gold also resumed its downtrend, pressured by a stronger dollar. Gold for December delivery gave up $15, or 1.4%, to end at $1,068.60 an ounce -- a fresh five-year low.


A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Wall Street Roars Higher Amid Civil Unrest
Investors weighed a mixed bag of jobs data
AstraZeneca Stock Flat Despite COVID-19 Vaccine News
AstraZeneca saw a rise in capacity for its COVID-19 vaccine candidate
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.