The DJIA fell triple digits as crude oil fell nearly 6%.
The
Dow Jones Industrial Average (DJIA) suffered a triple digit loss, despite a
valiant midday effort to claw higher. Oil was once again the primary driver, with
March crude pulling back to test the $30-per-barrel level. Upbeat
earnings from McDonald's Company (NYSE:MCD) were overshadowed by a drop in energy names, as well as Dow component
Caterpillar Inc.'s (NYSE:CAT) downgrade-induced decline.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 15,885.22) slipped 208.3 points, or 1.3%, once again giving up the 16,000 level. Wal-Mart Stores, Inc. (NYSE:WMT) led just three blue chips higher, with a gain of 1.2%, while CAT paced the laggards, giving up 5% on a bearish note from Goldman Sachs.
The S&P 500 Index (SPX - 1,877.08) also lost a critical round-number foothold at the 1,900 level, falling 29.8 points, or 1.6%. The Nasdaq Composite (COMP - 4,518.49) shed 72.7 points, or 1.6%, as tech stocks dropped.
The CBOE Volatility Index (VIX - 24.15) added 1.8 points, or 8.1%, for the day.
5 Items on Our Radar Today:
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Former New York Mayor Michael Bloomberg is
considering an independent run for the presidency, according to sources familiar with the matter. Bloomberg has been privately considering entering the race for some time, and has already commissioned a poll to estimate how he would fare against current frontrunners. (
The New York Times via
CNBC)
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In a 6-to-2 vote, the U.S. Supreme Court
upheld a federal rule allowing electricity companies to make payments to large users for limiting consumption during peak hours. The rule is meant to reduce overall energy usage and encourage efficiency, as well as the integration of more renewable energy sources. (
Reuters via
CNBC)
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A bearish analyst note had Fitbit Inc (NYSE:FIT) falling hard again.
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Why traders are paying a hefty premium for Coach Inc (NYSE:COH) options.
Data courtesy of Trade-Alert
Commodities:
News that Iraq's crude oil output hit record highs in December brought attention back to the global oversupply issue, driving oil lower and erasing some of last week's late gains. Crude oil for March delivery ended the day down $1.85, or 5.8%, at $30.34 a barrel.
Weakness in the dollar and a flight to safety boosted gold. February gold futures gained $9.00, or 0.8% to close at $1,105.30 an ounce.