Dow Jones Industrial Average, S&P Limp Away from Historically Bad Week

Stocks Wrap Up Worst-Ever Start to the Year

by Josh Selway

Published on Jan 8, 2016 at 4:31 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) couldn't maintain its early momentum, blowing a 137-point lead to log its sixth triple-digit drop in seven sessions. A better-than-expected nonfarm payrolls report, on top of stabilizing conditions in China, lifted investor confidence early in the day. However, as oil futures turned lower yet again, this optimism faded -- a fitting end to the S&P 500 Index's (SPX) worst opening week in history

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

The Dow Jones Industrial Average (DJIA - 16,346.45) gave back 167.7 points, or 1%, bringing a close to its worst opening week since 1978. Only two of the Dow's 30 components ended higher, those being Apple Inc. (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT), which added 0.5% and 0.3%, respectively. Cisco Systems, Inc. (NASDAQ:CSCO) was the biggest loser with a 2.5% loss. The Dow closed the opening week of 2016 with a 6.2% loss. 

The S&P 500 Index (SPX - 1,922.03) gave back 21.1 points, or 1.1%. The Nasdaq Composite (COMP - 4,643.63) fell by 45.8 points, or 1%. The SPX finished the week with a loss of 5.9% -- its worst opening week ever. The COMP, meanwhile, was off 7.3% for the week. 

The CBOE Volatility Index (VIX - 27.01) added another 2 points, or 8.1%, bringing its weekly gain to 48.3%. It was the VIX's highest close since late September.

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5 Items on Our Radar Today:

  1. The nonfarm payrolls report for December came in way better than most anticipated, with the U.S. economy adding 292,000 new jobs for the month. However, average hourly earnings actually declined slightly during the same period. (CNBC) 

  2. Mexican authorities have detained Joaquin Guzman Loera, or "El Chapo," a notorious drug kingpin. Guzman escaped from prison last year by sliding through a hole in the floor of a shower into an underground tunnel. (NBC News)

  3. Call buyers targeted this unsuspecting attendee at the Consumer Electronics Show (CES)

  4. This energy firm is building the biggest fuel cell power plant in the world

  5. Did we finally figure out what's going on at Time Warner Inc (NYSE:TWX)?



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Data courtesy of Trade-Alert

Commodities:

Oil futures fell yet again today, their fifth straight losing session. At the close, crude dated for February was off 11 cents, or 0.3%, at $33.16 per barrel. Oil was off 10.5% for the week. 

Gold fell for the first time in six sessions, as the dollar strengthened amid solid domestic employment numbers. Gold for February delivery settled $9.90, or 0.9%, lower at $1,097.90. The metal popped 3.6% on the week. 


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