Dow Jones Industrial Average Adds Triple Digits on Crude, Draghi

4 Ways to Protect Your Portfolio

by Kirra Fedyszyn

Published on Jan 21, 2016 at 4:31 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) added triple digits today -- but couldn't claw back atop the 16,000 level -- as oil rebounded from yesterday's 12-year low. Remarks from European Central Bank (ECB) President Mario Draghi helped get the bullish ball rolling, as did strong earnings from blue chip Verizon Communications Inc. (NYSE:VZ).


Continue reading for more on today's market, including
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The Dow Jones Industrial Average (DJIA - 15,882.68) climbed 115.9 points, or 0.7%, but remained south of the round 16,000 level. VZ led the 22 blue-chip winners, adding 3.3% on strong earnings. Goldman Sachs Group Inc (NYSE:GS) paced the laggards with a 1.4% loss, still reeling on Wednesday's earnings miss.

The S&P 500 Index (SPX - 1,868.99) added 9.7 points, or 0.5%, for the day. The Nasdaq Composite (COMP - 4,472.06) just barely managed a positive finish, settling a mere 0.4 point higher.
  
The CBOE Volatility Index (VIX - 26.69) shed 0.9 point, or 3.3%.

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5 Items on Our Radar Today:

  1. Former Turing Pharmaceuticals and KaloBios Pharmaceuticals CEO Martin Shkreli -- who infamously raised the price of Daraprim some 5,000% and was recently charged with fraud before losing both executive positions -- was subpoenaed in a congressional hearing on drug pricing. His lawyer told the U.S. House Committee on Oversight and Government Reform that Shkreli would refuse to speak at the hearing, and asked to be excused from appearing. (Reuters via CNBC)

  2. On the East Coast, residents are preparing for Winter Storm Jonas, which threatens to drop as much as 30 inches of snow in some regions, with high winds triggering blizzard warnings. The storm is expected to begin late Friday and end by Sunday night, and some airlines are already offering rebooking waivers for weekend travelers. (MarketWatch)

  3. What triggered Fitbit Inc's (NYSE:FIT) long-awaited bounce.

  4. How new competition from Uber sent GrubHub Inc (NYSE:GRUB) to an all-time low.

  5. Option traders jumped on this energy interest as oil rebounded.


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Data courtesy of Trade-Alert

Commodities:

One day after marking a new 12-year low, oil posted its largest single-day gain in a year, with March-dated crude oil climbing $1.18, or 4.2%, to close at $29.53 a barrel. Reports of attacks on Libyan oil terminals overshadowed a U.S. Energy Information Administration (EIA) report showing a larger-than-expected increase in crude and gasoline inventories.

Gold fell as stocks and the dollar moved higher on stimulus hints from ECB President Draghi. February gold futures ended down $8.00, or 0.7%, to $1,098.20 an ounce.


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