Energy Stocks Boost Dow Jones Industrial Average

3 Reasons Spirit Airlines Got Slammed Today

by Kirra Fedyszyn

Published on Nov 24, 2015 at 4:29 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) suffered an early triple-digit loss on rate-hike jitters and new turmoil at the Turkey-Syria border. However, a bounce in crude oil fueled a rally in the blue-chip index through the afternoon, with energy stocks taking the lead. While light holiday-week volume continues to contribute to whipsaw action, the major market indexes are so far continuing their Thanksgiving tradition of climbing the charts.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,812.19) was pointed lower as the market opened, but traders managed to shake off their anxiety throughout the day, bringing the index 19.5 points, or 0.1%, higher by the close. Pfizer Inc. (NYSE:PFE) was the surprising leader of the blue chips after falling hard yesterday, while Exxon Mobil Corporation (XOM) and Chevron Corporation (CVX) also helped propel the DJIA to a win, gaining 2% and 1.5%, respectively.

The S&P 500 Index (SPX - 2,089.14) added 2.6 points, or 0.1%, erasing Monday's loss. The Nasdaq Composite (COMP - 5,102.81) hung just below breakeven in the late afternoon, thanks to an ugly day for Internet giants like Amazon.com, Inc. (AMZN) and Facebook Inc (FB). But in the final minutes of trading, the tech-heavy index pulled back into the black, adding 0.3 point, or 0.01%, for the day.

The CBOE Volatility Index (VIX - 15.93) increased by a slim 0.3 point, or 2%.

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5 Items on Our Radar Today:

  1. Following a meeting with French President Francois Hollande today, President Obama said the U.S. would "step up" its support of France in efforts to combat ISIS, without announcing any significant strategy shifts. Additionally, both leaders urged for calm following the downing of a Russian warplane along Turkey's border with Syria, with Hollande saying, "We must prevent an escalation." (ABC News)
  2. The minutes from the Fed's October discount rate meeting showed that nine regional central banks are now in favor of raising the discount rate to 1% from 0.75%, further signaling that a hike to the benchmark interest rate may be on tap next month. Separately, Fed Chair Janet Yellen responded to an open letter from consumer advocate Ralph Nader and a "group of humble savers," with the central bank boss defending the Fed's near-zero rates by arguing that a more "aggressive" policy would have undermined the economic recovery. (CNBC; Bloomberg)
  3. Despite a bearish brokerage note, Skyworks Solutions (NASDAQ:SWKS) rallied after formally calling off its bid for PMC-Sierra (NASDAQ:PMCS).
  4. One luxury retailer and one deep discounter rallied after earnings.
  5. The CBOE Volatility Index (VIX) expiration process is complex, says Schaeffer's contributor Adam Warner -- but at least it's transparent.

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Commodities:

Oil futures benefited from fresh tensions between Turkey and Russia, propelling the most active contract to its biggest one-day surge since Nov. 3. Crude for January delivery settled up $1.12, or 2.7%, at $42.87 per barrel.

On the heels of Monday's five-year low, gold futures caught a safe-haven bid in today's trading. December-dated gold gained $7, or 0.7%, to finish at $1,073.80 per ounce.


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