Dow Jones Industrial Average Slips Triple Digits on Plummeting Oil

Commodities Tank; Plus, Time to Scoop Up Starbucks?

by Kirra Fedyszyn

Published on Dec 17, 2015 at 4:27 PM
Updated on Dec 17, 2015 at 4:35 PM

The Dow Jones Industrial Average (DJIA) snapped its three-day winning streak, erasing the morning's gains and falling back into the red for the month of December. Oil slipped below the $35-per-barrel level, dragging down energy names, and pre-holiday profit taking weighed on most other sectors. Meanwhile, traders continued to process the effects of yesterday's rate hike, as well as mixed economic reports, and a stronger dollar sent gold to its lowest close since 2009.

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

The Dow Jones Industrial Average (DJIA - 17,495.84) dropped 253.3 points, or 1.4%, erasing all of Wednesday's gains and then some. UnitedHealth Group Inc (NYSE:UNH) was the lone winner on the blue-chip index, adding 0.3%, while Caterpillar Inc. (NYSE:CAT) paced the 29 losers, shedding 4.2%.

The S&P 500 Index (SPX - 2,041.89) lost 31.2 points, or 1.5%, landing back in negative year-to-date territory. The Nasdaq Composite (COMP - 5,002.55) fell 68.6 points, or 1.4%, narrowly hanging on above the round 5,000 level.

The CBOE Volatility Index (VIX - 18.94) added 1.1 points, or 6.1% for the day.



5 Items on Our Radar Today:

  1. Marin Shkreli -- CEO of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) -- was arrested on charges of securities fraud. He was released on $5 million bond and will appear in court on Jan. 20.  (Reuters)

  2. Commercial airlines will begin flying between the U.S. and Cuba for the first time in more than 50 years, adding 110 round-trip flights per day, as soon as U.S. regulators approve the new routes. Charter flights have been allowed between the countries since diplomatic relations normalized a year ago. (Reuters)

  3. After rallying earlier in the week, this flooring retailer took a big hit from Goldman Sachs.

  4. Warm weather is killing snowmobile sales, sending this stock to new lows.

  5. Major management news couldn't overshadow sales concerns for Apple Inc. (NASDAQ:AAPL).



Data courtesy of Trade-Alert


As the dollar hit a two-week high, oil prices fell to a nearly seven-year low. January-dated crude oil lost 57 cents, or 1.6%, to settle at $34.95 a barrel.

The first interest rate hike in nearly 10 years caused the value of the dollar to surge, weighing heavily on gold prices. February gold futures dipped $27.20, or 2.5%, to close at $1,049.60 an ounce -- their lowest close since October 2009.

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