Dow Jones Industrial Average Battles Back; 'Brexit' Campaigns Suspended

3 Names Attracting Big-Time 'Brexit' Bets

by Celeste Taylor

Published on Jun 16, 2016 at 4:24 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) looked to be on track for its sixth straight day of losses, before stocks pulled an about-face and headed back into the black. The "Brexit" story took a tragic turn following the murder of British Parliament member Jo Cox, which prompted U.K. Prime Minister David Cameron to suspend all official campaigning. Meanwhile, some speculated that the June 23 referendum could be delayed. As the dollar backed off against the pound, the Dow muscled its way back from a nearly 170-point drop to end comfortably higher, and the U.S. 10-year Treasury yield recovered from three-year-low territory.

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

The Dow Jones Industrial Average (DJIA - 17,733.10) was down close to 170 points at its session low, but made a massive recovery to finish 92.9 points, or 0.5%, higher, and snap its five-day losing streak. Merck & Co., Inc. (NYSE:MRK) led the 26 Dow winners, with a gain of 2.5%, while Nike Inc (NYSE:NKE) lost 1.5%, the most of the four Dow losers.

The S&P 500 Index (SPX - 2,077.99) also clawed its way out of the red, adding 6.5 points, or 0.3%, and the Nasdaq Composite (COMP – 4,844.91) gained 10 points, or 0.2%, after an early drop.

The CBOE Volatility Index (VIX - 19.37) lost 0.7 point, or 3.8%.

indexes closing summary june 16

nyse and nasdaq stats june 16

5 Items on Our Radar Today: 

  1. Option players are rushing to pull the trigger on firearms trades as the U.S. Senate prepares to vote on gun control after Senator Chris Murphy's 15-hour filibuster. (Reuters)
  2. According to a Labor Department report, the consumer price index (CPI) and core CPI both rose 0.2% in May, short of the consensus forecast for a  0.3% rise. However, the cost of shelter rose by the most in nine years. (Bloomberg)
  3. American Airlines Group (NASDAQ:AAL) struggled for liftoff after a bearish brokerage note.
  4. The semiconductor stock that "impressed" the analysts.
  5. Option bulls bet on World Wrestling Entertainment, Inc. (NYSE:WWE) after a China partnership.

quarterly earnings june 16

unusual options activity june 16
Data courtesy of
Trade-Alert

Commodities:

July-dated oil dropped $1.80, or 3.8%, to end the day at $46.21 per barrel -- a five-week low -- after six straight days of declines. Black gold lost ground as the dollar strengthened.

August-dated gold gained $10.10, or 0.8%, to end the day at $1,298.40 per ounce. The precious metal touched a two-year high earlier in the day, but gave up some of its gains as "Brexit" fears temporarily stemmed.

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