The DJIA pared its losses in late-day trading, salvaging its monthly gain
The Dow Jones Industrial Average (DJIA) was down triple digits at its session low, dragged into the red by blue-chip stocks Boeing Co (NYSE:BA) and Walt Disney Co (NYSE:DIS), as well as several lackluster economic reports. However, the Dow pared its losses in late-day trading, managing to salvage its monthly gain -- and extend its longest monthly winning streak since 2014.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,787.13) ended the day down 86.1 points, or 0.5%. Microsoft Corporation (NASDAQ:MSFT) paced the Dow's 10 winners with its 1.3% gain, while DuPont (NYSE:DD) led the 20 losers, with a loss of 2.6%. Month-over-month, the Dow managed to eke out a 0.1% gain to extend its monthly winning streak to four.
The S&P 500 Index (SPX - 2,096.95) finished down 2.1 points, or 0.1%. Month-over-month, the SPX gained 1.6%. The Nasdaq Composite (COMP - 4,948.06) added 14.6 points, or 0.3%, on the day, and 3.6% om the month.
The CBOE Volatility Index (VIX – 14.19) was up 1.1 points, or 8.2%, on the day. For the month, the VIX gave up 9.6%.
5 Items on Our Radar Today:
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U.S. consumer spending saw its largest increase in over six years in April, which some think could signal "thumbs up" to the hawkish Fed. On the other hand, Conference Board's consumer confidence index fell to its lowest point since November in May. (Reuters; MarketWatch)
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Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is making headlines once again, with the news that its former CEO Michael Pearson will earn $83,000 a month to stay on as a consultant. (Fortune)
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The biopharmaceutical stock that has analysts and short sellers in a tug-of-war.
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The $1.8 billion buyout that putting traders in a tizzy.
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What the analysts are saying about the mining stock that has doubled this year.
Data courtesy of Trade-Alert
Commodities:
July-dated oil fell 0.5%, or 23 cents, to end the month at $49.10, as traders sat on the sidelines ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting on Thursday. Nevertheless, oil posted its fourth consecutive monthly gain, adding 6.9%.
June-dated gold gained $1, or 0.1%, to end at $1,214.80 an ounce, as stocks fell and the precious metal became more attractive by comparison. For the month, however, gold saw its first monthly decline for the year, as the dollar strengthened and the likelihood of a June rate hike seemed imminent. For the month, gold finished down 5.9%.
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