Dow Jones Industrial Average Celebrates Bull Market Birthday With a Win

One Hedge Fund's "Attractive Investment Opportunity"

by Josh Selway

Published on Mar 9, 2016 at 4:29 PM
Updated on Jun 24, 2020 at 10:16 AM

It was a push-and-pull day for stocks, but the Dow Jones Industrial Average (DJIA) eventually settled higher for its sixth win in seven sessions. Surging crude oil futures helped lift the energy sector, as hope spread that major oil producers -- including members of the Organization of the Petroleum Exporting Countries (OPEC) -- will take action to stabilize crude oil output at a meeting later this month. All eyes now turn to Europe, where the European Central Bank (ECB) is expected to announce additional stimulus measures after its meeting tomorrow. 


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

The Dow Jones Industrial Average (DJIA - 17,000.36) added 36.3 points, or 0.2%, to take back the 17,000 level -- albeit barely. Half of the 30 Dow components closed higher, led by Chevron Corporation's (NYSE:CVX) 4.6% surge. Nike Inc (NYSE:NKE) was the biggest loser, settling 2.5% lower. 

The S&P 500 Index (SPX - 1,989.26) picked up 10 points, or 0.5%. The Nasdaq Composite (COMP - 4.674.38), meanwhile, added 25.6 points, or 0.6%. 

The CBOE Volatility Index (VIX - 18.34) spiked early in the day, but ended 0.3 point, or 1.8%, lower. 

160309recap1

160309recap2

5 Items on Our Radar Today:

  1. Today marks the seventh "birthday" for the current bull market in domestic stocks. At 84 months, the current bull market stands as the third-longest in history. In that time span, the Dow is up roughly 160%. (Reuters ​via ​CNBC)

  2. In an effort to gain access to the Democratic presidential nominee's emails from when she served as secretary of state, the Republican National Committee (RNC) has filed two lawsuits against Hillary Clinton. Clinton is already being investigated by the FBI over her use of email services while holding office. The RNC is filing the suit because it said the State Department didn't respond to a Freedom of Information Act request in a timely fashion.  (Reuters)

  3. Volume both in and out of the options neared peak levels on booming Peabody Energy Corporation (NYSE:BTU).

  4. How Lumber Liquidators Holdings Inc (NYSE:LL) fought back against one short seller's claims


160309recap3



160309recap4

Data courtesy of Trade-Alert

Commodities:

Oil futures popped today, as investors hold out hope that major producers will take action to freeze output later this month. The April-dated contract gained $1.79, or 4.9%, to $38.29 per barrel. 

Gold futures ended lower once again, their third straight loss, as the equity market rallied. Gold slated for April delivery gave back $5.50, or 0.4%, to settle at $1,257.40 per ounce. 


A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

Access your FREE insider report before it's too late!


  
 
 

Partnercenter