Dow Jones Industrial Average Extends Losing Streak as Oil Finds New Lows

The 7-Figure Bet on Banks

by Josh Selway

Published on Feb 11, 2016 at 4:29 PM
Updated on Feb 11, 2016 at 4:42 PM

The Dow Jones Industrial Average (DJIA) wasn't immune to the global sell-off, spending the entire session in the red. As Fed Chair Janet Yellen finished up her congressional testimony, Wall Street watched as oil futures collapsed to their lowest close in almost 13 years, and weighed late-day rumors of potential production cuts from the Organization of the Petroleum Exporting Countries (OPEC). Gold again flourished as traders sought safety, and while the Nasdaq Composite (COMP) made a valiant attempt to burst higher, the Dow extended its losing streak to five sessions. 


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

The Dow Jones Industrial Average (DJIA - 15,660.18) pared its losses -- it was down roughly 400 points at its session low -- but still closed with a 254.6-point, or 1.6%, loss. Only three of 30 Dow components closed higher, led by Cisco Systems, Inc.'s (NASDAQ:CSCO) 9.6% post-earnings pop. Boeing Co (NYSE:BA) paced the losers, dropping 6.8% on reports of an SEC accounting probe. 

The S&P 500 Index (SPX - 1,829.08) lost 22.8 points, or 1.2%. The Nasdaq Composite (COMP - 4,266.84) made a brief appearance north of breakeven, but closed the day down 16.8 points, or 0.4%. 

The CBOE Volatility Index (VIX - 28.14) added 1.9 points, or 7%, closing above its 20-day moving average for the fourth straight day, and marking its highest close since September. 

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5 Items on Our Radar Today:

  1. The standoff between an Oregon militia and the FBI over a dispute about federal land has ended after 41 days. The last four occupiers turned themselves in to federal agents without conflict on Thursday, following an extended negotiation.  (The New York Times)  

  2. Scientists today announced they've discovered gravitational waves -- essentially ripples in space and time -- for the first time ever, confirming a hypothesis of Albert Einstein's from more than a 100 years ago. The waves were detected using laser detectors positioned in Washington and Louisiana, and the announcement was made by physicists at the California Institute of Technology. (Reuters

  3. Why impressive quarterly profits weren't enough to lift this drugmaker

  4. Bulls devoured 3D Systems Corporation (NYSE:DDD) today

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  Data courtesy of Trade-Alert

Commodities:

Worries over a supply glut continued today for crude, dragging futures to their lowest close in nearly 13 years. March-dated crude dropped $1.24, or 4.5%, to end at $26.21 per barrel, and touched an intraday low of $26.05. After hours, oil pared losses amid reports that OPEC is considering cutting output. 

On the other hand, gold saw another surge today, as investors again sought "safe haven" assets. Gold for April delivery popped $53.20, or 4.5%, to settle at $1,247.80 per ounce -- the best one-day gain since September 2013, and its highest close in over a year.


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