Dow Jones Industrial Average Turns Red on Christmas Eve

A low-volume session translated into choppy trading for the Dow Jones Industrial Average (DJIA), which spent the day wobbling between positive and negative territory. Traders digested a bigger-than-expected drop in jobless claims, as well as continued strength in oil futures. By the time the dust settled, the Dow had snapped its three-day winning streak -- but was still firmly higher for the week.

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

• Why traders should be watching this critical level for the SPDR S&P 500 ETF Trust (SPY). 
• Promising drug data crushed this biotech's bears. 
• Schaeffer's contributor Adam Warner examines whether election years trigger volatility spikes. 
• Plus ... Jobless claims surprise, embassies warn tourists, and the controversial stock getting booted from the Nasdaq. 
  

The Dow Jones Industrial Average (DJIA - 17,552.17) traded within a narrow range to close 50.4 points, or 0.3%, lower. Seven of the Dow's 30 components closed higher, led by DuPont's (NYSE:DD) 0.6% gain. United Technologies Corporation (NYSE:UTX) closed flat, while Chevron Corporation (NYSE:CVX) was the biggest loser, dropping 1.9%. Week-to-date, the Dow gained 2.5%. 

The S&P 500 Index (SPX - 2,060.99) closed 3.3 points, or 0.2%, lower. The Nasdaq Composite (COMP - 5,048.49) managed a 2.6-point, or 0.05%, win. The SPX ended the week up 2.8%, while the COMP added 2.6%. 

The CBOE Volatility Index (VIX - 15.74) added 0.2 point, or 1.1%, but gave back nearly 24% on the week. 

5 Items on Our Radar Today:

1. U.S. jobless claims dropped more than the Street anticipated last week, coming in at an almost 42-year low. On a seasonally adjusted basis, 267,000 people applied for unemployment benefits last, 5,000 fewer than the previous week. (Reuters via CNBC)

2. Foreign embassies in China have reportedly received information on potential threats against visitors from Western countries. The U.S., British, Australian and French embassies all told citizens to be careful if visiting the Sanlitun district, a popular shopping area. (CNN)

3. This drugmaker popped on yet another round of big-cap buyout rumors. 

4. Why KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) may never trade on the Nasdaq again. 

5. The steep post-split price-target cut on Nike Inc (NYSE:NKE).

Data courtesy of Trade-Alert

Commodities:

Oil futures moved higher today, with the February contract last seen 60 cents, or 1.6%, higher at $38.10 per barrel. For the week, crude is on pace to add more than 9%.

Gold snapped its two-day losing streak, thanks to weakness in the dollar. At the close, gold for February delivery had picked up $7.70, or 0.7%, to land at $1,075.90 per ounce. Gold ended the week up 1%.