Erratic Session for Dow Jones Industrial Average; All Eyes on Yellen

5 Bank Names with Sky-High Volatility Expectations

Feb 9, 2016 at 4:26 PM
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It was a volatile day for the Dow Jones Industrial Average (DJIA). The index flirted with both triple-digit gains and losses, as traders eyed oil's extended losing streak and relatively strong economic data. The Street now turns its eyes to Fed Chair Janet Yellen, who's set to address Congress in D.C. tomorrow. 


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

The Dow Jones Industrial Average (DJIA - 16,014.38) bounced back and forth throughout the day, trading in a range of 257 points, but closed on a loss of 12.7 points, or 0.1%. Of the Dow's 30 components, 16 ended higher, led by Pfizer Inc.'s (NYSE:PFE) 1.9% pop. The biggest loser was Chevron Corporation (NYSE:CVX), which dropped 3.6%. 

The S&P 500 Index (SPX - 1,852.21) fell by 1.2 points, or 0.1%. The Nasdaq Composite (COMP - 4,268.76) ended with a 15-point, or 0.4%, loss. 

The CBOE Volatility Index (VIX - 26.54) gained 0.5 point, or 2.1%. 

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5 Items on Our Radar Today:

  1. President Barack Obama today revealed his last government budget proposal, which reached a record $4.1 trillion. The proposal -- which is already being slammed by Republicans in Congress -- calls for increased funding for cybersecurity, cancer research, and drug-abuse treatment. (USA Today

  2. Former Turing Pharmaceuticals AG CEO Martin Shkreli is now being sued over the Wu-Tang Clan album he purchased for $2 million. An artist is claiming his original illustrations were copied without permission and used in album artwork. (​NBC News​) 

  3. Yelp Inc (NYSE:YELP) followed up its earnings debacle with another flop of a day

  4. Bulls are hot for these 3 Dow components

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  Data courtesy of Trade-Alert

Commodities:

Oil futures fell for the fourth straight session, marking their lowest finish in almost three weeks. Pressuring black gold was an ugly demand forecast from the International Energy Agency (IEA), and the Energy Information Administration's (EIA) downwardly revised expectations for crude prices in 2016. At the close, April-dated crude was seen $1.75, or 5.9%, lower at $27.94 per barrel. 

Gold futures gained for the fifth straight session, adding to Monday's explosion. Gold dated for April picked up 70 cents, or 0.1%, settling at $1,198.60 per ounce -- the loftiest finish for a most-active contract since June. 

 

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