Dow Jones Industrial Average Ends See-Saw Session Higher

Is the S&P About to Take Off? Plus, The Big Chesapeake Scandal

by Alex Eppstein

Published on Mar 2, 2016 at 4:24 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) followed Tuesday's banner session with a modest gain, shaking off a near-triple-digit deficit. Crude oil remained in focus, closing at its highest level since early January as traders eyed the Energy Information Administration (EIA) inventories report with rose-colored glasses. Meanwhile, the ADP employment report revealed private employers added more jobs than expected last month, though the Fed's Beige Book wasn't much to write home about.


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

The Dow Jones Industrial Average (DJIA - 16,899.32) was down nearly 99 points at its intraday low, but settled on a gain of 34.2 points, or 0.2% -- and just shy of the round 16,900 level. Seventeen of the Dow's 30 components advanced, with Exxon Mobil Corporation (NYSE:XOM) in the lead with a 1.7% gain. On the other side of the fence, DuPont (NYSE:DD) lost 1.3% to pace the 13 blue-chip laggards.

The S&P 500 Index (SPX - 1,986.45) added 8.1 points, or 0.4%, to settle near its session high. Likewise, the Nasdaq Composite (COMP - 4,703.42) ended on a gain of 13.8 points, or 0.3%, closing above 4,700 for the first time since Jan. 6.

The CBOE Volatility Index (VIX - 17.09) slipped 0.6 point, or 3.5%, for its lowest settlement of 2016.

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5 Items on Our Radar Today:

  1. According to the Fed's Beige Book, six of the nation's 12 districts saw "modest" or "moderate" economic growth, down from nine in the previous report. Among the other findings, three districts cited market volatility as putting a damper on consumer spending, while just two mentioned China's economy as a concern. (MarketWatch)

  2. Dr. Ben Carson, one of the five remaining Republican presidential candidates, told supporters last night, "I do not see a political path forward in light of last evening's Super Tuesday primary results." Given the comments, speculation has already begun that Carson will drop out of the race, though he has yet to formally suspend his campaign. (The New York Times)

  3. What sparked huge rallies on this trio of stocks?

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Data courtesy of Trade-Alert

Commodities:

Crude futures muscled to their highest close since Jan. 5, as a drop in oil production offset a larger-than-expected build in inventories. April-dated crude settled 26 cents, or 0.8%, higher at $34.66 per barrel.

Gold ended a see-saw session higher, despite a stronger dollar and upbeat jobs data. April-dated futures tacked on $11, or 0.9%, to land at $1,241.80 per ounce.


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