Dow Jones Industrial Average, Oil Notch 2016 Highs

One Blue Chip's 'Unachievable' Forecast

by Josh Selway

Published on Apr 20, 2016 at 4:27 PM

After a brief stint in negative territory, the Dow Jones Industrial Average (DJIA) recovered, blazing a path higher for its third straight win and its best close since July. The Dow was again boosted by strong performances from blue-chip stocks and rising oil prices. In fact, June-dated crude futures settled at a year-to-date high, following a slimmer-than-expected rise in oil inventories and speculation that major oil producers could meet again in May to discuss a production freeze. Now, the Dow will look to make it four in a row, with the busiest earnings day of the week on tap. 


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

The Dow Jones Industrial Average (DJIA - 18,096.27) picked up 42.7 points, or 0.2%, for its highest close sine July 20. Sixteen of the 30 Dow components closed higher, led by Goldman Sachs Group Inc's (NYSE:GS) 2.7% pop. The Coca-Cola Co (NYSE:KO) lead the losers with a post-earnings drop of 4.8%, while General Electric Company (NYSE:GE) closed flat. 

The S&P 500 Index (SPX - 2,102.40) closed 1.6 points, or 0.1%, higher to end at its own year-to-date best. The tech-heavy Nasdaq Composite (COMP - 4,948.13) added 7.8 points, or 0.2%. 

The CBOE Volatility Index (VIX - 13.28), interestingly, also closed higher, picking up 0.04 point, or 0.3%. Intraday, the VIX touched its lowest point since Aug. 10.

Indexes closing summary April 20

NYSE and NASDAQ stats April 20

5 Items on Our Radar Today:

  1. Andrew Jackson is getting the heave-ho, with Harriet Tubman set to replace the former president on the $20 bill. Alexander Hamilton will remain the $10 bill representative. (MarketWatch)

  2. In the latest auto scandal, Mitsubishi Motors fell 15% in Tokyo after admitting "improper testing methods were used to improve the appearance of fuel efficiency" on over a half-million vehicles. (Bloomberg)

  3. Will Alphabet Inc (NASDAQ:GOOGL) be found guilty of Android abuse? The European Union (EU) antitrust regulators certainly think so. 

  4. Angie's List Inc (NASDAQ:ANGI) initially dropped after earnings, much to the delight of recent put buyers. 

  5. This biotech stock has roughly doubled in value since its February lows, but skepticism prevails.


Quarterly Earnings April 20

Unusual Options Activity April 20
Data courtesy of Trade-Alert

Commodities:

Crude oil futures jumped after a government report showed a sixth straight drop in U.S. production. At the close, June-dated crude was up $1.71, or 4%, at $44.18 per barrel -- a 2016 closing high for the front-month contract. 

June-dated gold futures, meanwhile, edged higher for the day, adding 10 cents, or 0.01%, to end at $1,254.40 an ounce. 

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