Dow Jones Industrial Average Fights Off Sliding Crude, Biotech Drop

2 Oil Stocks Beating the Market

by Josh Selway

Published on Jan 11, 2016 at 4:23 PM

The Dow Jones Industrial Average (DJIA) explored a range of nearly 230 points and both sides of breakeven, but ultimately resolved to the upside. Wall Street essentially shrugged off another sell-off in China, as well as a drugmaker swoon and sliding oil, with crude settling below $32 per barrel for the first time in over a decade. While investors will look for earnings season to bring a much-needed lift, the schedule doesn't pick up until later in the week. 


Continue reading for more on today's market, including
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The Dow Jones Industrial Average (DJIA - 16,398.57) managed a 51.1-point, or 0.3%, win. Twenty-one of the 30 Dow components closed in the black, led by Cisco Systems, Inc.'s (NASDAQ:CSCO) 2% pop. DuPont (NYSE:DD) dropped 3.3% to lead the losers. 

The S&P 500 Index (SPX - 1,923.67) added 1.6 points, or 0.1%, after waffling in and out of positive territory. The Nasdaq Composite (COMP - 4,637.99), on the other hand, ended in the red for the eighth straight session, with a 5.6-point, or 0.1%, defeat.  
The CBOE Volatility Index (VIX - 24.30) managed another three-month intraday high, but still finished 2.7 points, or 10%, lower. 

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5 Items on Our Radar Today:

  1. After Saturday's drawing found no winners, the U.S. Powerball jackpot now stands at $1.4 billion. It's the first time the lottery game has topped $1 billion. Unfortunately, the odds of winning are 1 in 292 million. (MarketWatch) 

  2. The Detroit Auto Show, where many automakers unveil new, cutting-edge products, began today. Ford Motor Company (NYSE:F) -- which presented a new leasing program -- is just one of several auto names set to present at the event, which lasts until next Sunday. (The Verge)

  3. Speaking of automakers, Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk's newest trick turned out to be a big flop.  

  4. How option traders positioned themselves ahead of Alcoa Inc (NYSE:AA) earnings

  5. Is this signal pointing toward a VIX bubble? Schaeffer's contributor Adam Warner weighs in.



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Data courtesy of Trade-Alert

Commodities:

Oil futures got crushed today, with supply concerns and uncertainty surrounding China weighing down the commodity. At the close, crude dated for February was off $1.75, or 5.3%, at $31.41 per barrel, for its lowest finish in over 12 years. 

Gold futures also fell, ending lower for the second straight session. Gold for February delivery ended the day with a loss of $1.70, or 0.2%, at $1,096.20 per ounce. 


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