Dow Jones Industrial Average Recovers from 265-Point Plunge

Should You Buy the Bounce in These 2 Biotechs?

by Kirra Fedyszyn

Published on Feb 24, 2016 at 4:32 PM
Updated on Jun 24, 2020 at 10:16 AM

After starting the day in the red, the Dow Jones Industrial Average (DJIA) erased its losses throughout the session. In keeping with the recent trend, stocks took their cues from the volatile action in crude futures, with the Dow falling to a 265-point deficit in early trading before staging a recovery in the second half of the session. Meanwhile, the S&P 500 Index (SPX) bounced back from its latest drop into correction territory


Continue reading for more on today's market, including
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The Dow Jones Industrial Average (DJIA - 16,484.99) added 53.2 points, or 0.3%, with United Technologies Corporation (NYSE:UTX) leading 24 of the blue-chip components higher with a 2.2% gain. Boeing Co (NYSE:BA) paced the laggards with a 1.1% loss.

The S&P 500 Index (SPX - 1,929.80) finished 8.5 points, or 0.4%, higher. The Nasdaq Composite (COMP - 4,542.61) was the strongest of the major indexes, climbing 39 points, or 0.9%.

The CBOE Volatility Index (VIX - 20.72) slipped just 0.3 point, or 1.2%.

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5 Items on Our Radar Today:

  1. Some parts of San Francisco will soon enjoy super-fast Internet access, courtesy of Alphabet Inc (NASDAQ:GOOGL). Google Fiber will be tapping into existing networks in the city, including some public housing properties that will be connected for free. (USA Today)

  2. New home sales dropped more than expected in January, falling 9.2% from December. January's sales were the weakest in three months, paced by a 32.1% drop in the West. (Bloomberg)

  3. BlackBerry Ltd (NASDAQ:BBRY) threw its hat into the cybersecurity ring.

  4. Dreamworks Animation Skg Inc (NASDAQ:DWA) sent skeptics to the exits after its quarterly report.

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Data courtesy of Trade-Alert

Commodities:

Crude futures began the session pointed firmly lower, still reeling from Tuesday's comments out of Saudi Arabia. But today's inventory report showed weekly declines in both U.S. production and gasoline supplies, which pushed oil prices higher. Crude oil for April delivery managed a gain of 28 cents, or 0.9%, to close at $32.15 a barrel.

Risk-averse traders flocked to gold during today's volatile session. April-dated gold futures closed up $16.50, or 1.3%, at $1,239.10 an ounce -- its highest close since Feb. 12. 


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