Dow Jones Industrial Average Snaps Winning Streak

Did the S&P Go Too Far, Too Fast?

Apr 21, 2016 at 4:28 PM
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After starting the day higher, the Dow Jones Industrial Average (DJIA) turned tail in mid-morning trade, as crumbling crude prices and negative reactions to a pair of blue-chip earnings were too much to bear. Specifically, Verizon Communications Inc.'s (NYSE:VZ) post-earnings plunge dragged on the broader telecom sector, while Travelers Companies Inc (NYSE:TRV) was the biggest decliner among Dow stocks. By the close, the Dow had snapped its recent winning streak, while the broader S&P 500 Index (SPX) had surrendered its short-term foothold north of 2,100.


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

The Dow Jones Industrial Average (DJIA - 17,982.52) explored a 143-point range today, before closing down 113.8 points, or 0.6% -- and south of the 18,000 mark for the first time this week. Twenty-two of the Dow's 30 components closed in the red, paced by TRV's 6.1% plunge. International Business Machines Corp. (NYSE:IBM) paced the advancers with its 2.2% gain.

The S&P 500 Index (SPX - 2,091.48) gave back 10.9 points, or 0.5%. The Nasdaq Composite (COMP - 4,945.89), meanwhile, outperformed its peers, shedding just 2.2 points, or 0.1%.

The CBOE Volatility Index (VIX - 13.95) added 0.7 points, or 5.1%.

Indexes closing summary April 21

NYSE and NASDAQ stats April 21

5 Items on Our Radar Today:

  1. Sunedison Inc (NYSE:SUNE) announced it will file for Chapter 11 bankruptcy, much to the surprise of no one. (CNBC)

  2. Wall Street executives may face stricter restraints when it comes to taking home big bonuses, if a new bill aimed at limiting economic risk is passed. (Bloomberg)

  3. One trader is betting big that this semiconductor maker's stock will drop after earnings.

  4. Under Armour Inc's (NYSE:UA) first-quarter earnings were a slam dunk.

  5. Viacom, Inc. (NASDAQ:VIAB) saw extra action in the options pits after striking an eleventh-hour agreement with DISH Network Corp (NASDAQ:DISH). 

Quarterly Earnings April 21

Unusual Options Activity April 21

Data courtesy of
Trade-Alert

Commodities:

Crude oil futures settled lower, after finishing at their highest point of the year on Wednesday. By the close, crude for June delivery was down $1, or 2.3%, to settle at $43.18 per barrel.

Gold also lost ground -- breaking a four-session winning streak -- as traders weighed the European Central Bank's (ECB) decision to leave its monetary policy unchanged. At session's end, June-dated gold futures were down $4.10, or 0.3%, at $1,250.30 per ounce.

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