Oil Booms to 2016 Best; Dow Jones Industrial Average Extends Winning Streak

A Big Zika Breakthrough; Plus, One Oil Stock's $10B Dark Cloud

Mar 7, 2016 at 4:21 PM
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The Dow Jones Industrial Average (DJIA) traded on both sides of the all-important 17,000 level, but ultimately ended higher to extend its winning streak to five sessions. However, while crude oil prices rallied to year-to-date highs -- lifting the broader energy sector -- technology stocks dragged, leaving the Nasdaq Composite (COMP) behind its benchmark peers. Elsewhere, Fed Vice Chairman Stanley Fischer said we could be "seeing the first stirrings of an increase in the inflation rate," though Fed Governor Lael Brainard urged "patience" on rate-hike timing and noted "powerful crosscurrents coming from abroad." 


 Continue reading for more on today's market, including
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The Dow Jones Industrial Average (DJIA - 17,073.95) traded on both sides of breakeven, but ended with a gain of 67.2 points, or 0.4%. The Dow has yet to end a day lower in March. Eighteen of the Dow's 30 components finished higher, led by oil issue Chevron Corporation's (NYSE:CVX) 3.1% gain. Nike Inc (NYSE:NKE) paced the 12 losers with a 3.3% drop.

The S&P 500 Index (SPX - 2,001.76) settled a wishy-washy session with a gain of 1.8 points, or 0.1%, extending its own winning streak -- and marking another close atop 2,000. The Nasdaq Composite (COMP - 4,708.25) lagged its index peers, dropping 8.8 points, or 0.2%, to halt its winning streak at four sessions.

The CBOE Volatility Index (VIX - 17.35) ticked 0.5 point, or 3%, higher.

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5 Items on Our Radar Today:

  1. As the United States engages in military exercises with South Korea, North Korea responded by threatening a "preemptive and offensive nuclear strike." However, North Korea has made similar claims in the past when the exercises have been carried out. (CNN)

  2. President Barack Obama on Monday defended his administration's Wall Street policies. Mr. Obama said it's "not true" that nothing has changed since the financial crisis, but admitted more work needs to be done on what he deemed the "shadow banking system." (Reuters)

  3. Whole Foods Market, Inc. (NASDAQ:WFM) was streaking higher ahead of this big event

  4. 3 red-hot commodity stocks


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Data courtesy of Trade-Alert

Commodities:

Crude oil dated for April delivery ended higher for the fifth time in six sessions, adding $1.98, or 5.5%, to land at $37.90 per barrel -- oil's best finish in 2016. Traders are holding out hope that major oil producers will freeze output. 

Ahead of the European Central Bank's (ECB) policy meeting, gold futures cooled after their 4% rally last week. At the close, the April-dated contract was down $6.70, or 0.5%, at $1,264 per ounce. 

 

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