Dow Jones Industrial Average Edges Higher; Biotechs Batter Nasdaq

Cramer Says 'Buy More' of This Stock; Plus, Tesla Takes Off

Jun 7, 2016 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) jumped at the open, and even briefly rose above the 18,000 level, but stocks eventually lost some Fed-fueled momentum in late-day trading. Gains in energy stocks -- which surged as oil reached $50 per barrel -- helped the Dow stay in the black and the S&P 500 Index (SPX) maintain a foothold above 2,100, though a bad day for biotechs sent the Nasdaq Composite (COMP) into the red. 

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

The Dow Jones Industrial Average (DJIA - 17,938.28) boasted a lead of more than 80 points at its session peak, but finished the day up 18 points, or 0.1%. Chevron Corporation (NYSE:CVX) ended up 2.1% to lead the 14 Dow winners. Nike Inc (NYSE:NKE) brought up the rear among the 16 Dow losers, finishing down 1.4%.

S&P 500 Index (SPX - 2,112.13) gained 2.7 points, or 0.1%, to its loftiest settlement since July, while the Nasdaq Composite (COMP - 4,961.75) bucked the trend with a 7-point, or 0.1%, loss. 

The CBOE Volatility Index (VIX – 14.05) added 2.9%, or 0.4 point.

Indexes Closing Summary June 7

NYSE and Nasdaq Stats June 7

5 Items on Our Radar Today: 

  1. Verizon Communications Inc. (NYSE:VZ) will reportedly make a $3 billion offer during second-round takeover bids for Yahoo! Inc. (NASDAQ:YHOO) core assets. (Wall Street Journal) (Subscription required)
  2. LendingClub Corp (NYSE:LC) shares were halted -- and subsequently plummeted -- after the firm postponed its annual shareholders meeting, saying, "Given the developments of the last few weeks, the company is not yet in a position to provide its stockholders a complete report on the state of the company." (Bloomberg)
  3. Alphabet Inc (NASDAQ:GOOGL) takeover rumors had this company's call options trading at 65 times the usual pace.
  4. Sarepta Therapeutics Inc (NASDAQ:SRPT) was flying high on FDA news, while this biotech stock sank on final-stage failures.

  5., Inc. (NASDAQ:AMZN) continued to impress analysts.

Corporate Earnings June 7

Unusual Options Activity June 7
Data courtesy of


July-dated oil closed above the exalted $50 level for the first time since July, jumping 67 cents, or 1.3%, to end the day at $50.36 per barrel. Continued rebel attacks on Nigerian oil supplies, coupled with a projected decline in U.S. crude stockpiles, boosted the price of black gold.

June-dated gold ended the day with fractional losses, down 20 cents, at $1,244.40 per barrel. The precious metal is now treading water after Fed speeches calmed fears of a June interest rate hike. 


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