Dow Jones Industrial Average Takes Back 18,000

Behind SolarCity's Volume Spike; Plus, Is the Worst Yet to Come for Chipotle?

Jun 8, 2016 at 4:26 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) opened strong and ultimately toppled the 18,000 level for the first time in six weeks, bolstered by surging oil prices and a declining dollar. The S&P 500 Index (SPX) spent its third consecutive day above the 2,100 level, marking its best settlement since July. 

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

The Dow Jones Industrial Average (DJIA - 18,005.05) managed to nose its way above the key 18,000 level just before the close, finishing the day with a gain of 66.7 points, or 0.4%. UnitedHealth Group Inc (NYSE:UNH) gained 2.5% to lead the 22 Dow winners, while DuPont Co (NYSE:DD) finished last among the eight Dow losers, dropping 0.5%.

The S&P 500 Index (SPX - 2,119.12) added 7 points, or 0.3%, to finish at another 10 month high. The Nasdaq Composite (COMP – 4,974.64) also advanced 0.3%, gaining 12.9 points.

The CBOE Volatility Index (VIX – 14.09) ended fractionally higher, up 0.4%.

Indexes Closing Summary June 8

NYSE and Nasdaq Stats June 8


5 Items on Our Radar Today: 

  1. The Labor Department released its Job Openings and Labor Turnover Summary (JOLTS), which showed a 5.8 million increase in April job openings, beating estimates. (CNBC)
  2. Yahoo! Inc. (NASDAQ:YHOO) is having a patent sale blowout, with over 2,500 patents up for grabs to the highest bidder. Estimates suggest the company's patent portfolio is worth more than $1 billion. (Los Angeles Times)
  3. The potential buyout that has Skullcandy Inc (NASDAQ:SKUL) looking especially sweet.
  4. Tesla Motors Inc (NASDAQ:TSLA) jumped after CEO Elon Musk quashed yesterday's rumors.
  5. Why Nucor Corporation (NYSE:NUE), Steel Dynamics, Inc. (NASDAQ:STLD) and this pair of steel stocks surged.

Corporate Earnings June 8
Unusual Options Activity June 8
Data courtesy of
Trade-Alert

Commodities:

July-dated oil gained 87 cents, or 1.7%, to finish the day at $51.23 per barrel -- its first close above $51 in 10 months. Continued production shortages out of Nigeria and a U.S. inventories decline, combined with an ailing greenback, pushed oil prices higher.

August-dated gold rose by $15.30, or 1.2%, to end the day at $1,262.30 per ounce. The precious metal rose as expectations of an imminent Fed rate hike continued to fall, and the dollar weakened.

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