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
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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.

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