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
facebook twitter linkedin

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. 


Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners