Oil Slump Fails to Sink Dow Jones Industrial Average

Speculators Brace for Valeant Volatility

Mar 14, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) began the day on shaky ground, as global output concerns weighed on crude futures. However, while oil prices remained under pressure through the afternoon, the Dow swung higher, extending its quest for year-to-date highs. Traders are now awaiting the Federal Open Market Committee's (FOMC) two-day policy meeting, as well as Fed Chair Janet Yellen's subsequent press conference, which will be dissected for clues on policy-shift timing in 2016.  


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

The Dow Jones Industrial Average (DJIA - 17,229.13) added 15.8 points, or 0.1%, with Boeing Co (NYSE:BA) leading half of the 30 blue-chip components higher on a 1.4% gain. Pfizer Inc. (NYSE:PFE) paced the 15 laggards, giving up 1.3%.

The S&P 500 Index (SPX - 2,019.64) ended a wishy-washy day in the red, shedding 2.6 points, or 0.1%, while the Nasdaq Composite (COMP - 4,750.28) just managed a positive close, climbing 1.8 points.

The CBOE Volatility Index (VIX - 16.92) added 0.4 point, or 2.6%.

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5 Items on Our Radar Today:

  1. Presidential hopeful Donald Trump held several rallies over the weekend, and protesters came out in force, causing disturbances at events in Ohio and even causing a rally in Chicago to be cancelled for safety concerns. Rivals say Trump is at least partially to blame for the riotous conduct, but the candidate pointed fingers at supporters of Democratic opponent Bernie Sanders. (CNBC)

  2. EQM Indexes LLC launched an index tracking wearable technology. The index will follow 45 to 55 companies, including Apple Inc. (NASDAQ:AAPL), Fitbit Inc (NYSE:FIT), and GoPro Inc (NASDAQ:GPRO). (MarketWatch)

  3. Why this drugmaker had option bears cheering.

  4. One Marriott International (NASDAQ:MAR) bull raised the stakes in light of M&A news.

  5. How this oil-and-gas stock may have option bulls sweating.


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Data courtesy of Trade-Alert

Commodities:

The Organization of the Petroleum Exporting Countries (OPEC) cut its expectations for global oil demand in 2016. In addition, Iran threw cold water on hopes for a global production freeze. As such, oil for April delivery settled down $1.32, or 3.4%, at $37.18 a barrel.

April-dated gold closed $14.30, or 1.1%, lower, at $1,245.10 an ounce, as traders hold their breath ahead of the FOMC meeting . While most are not expecting changes to policy or key interest rates this month, clues about future rate hikes could weigh on the price of gold.

 

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