Dow Jones Industrial Average Surges 230 as 'Brexit' Polls Point to 'Remain'

The Volatility Signal Seen Just One Other Time

by Celeste Taylor

Published on Jun 23, 2016 at 4:26 PM

The Dow Jones Industrial Average (DJIA) popped triple digits out of the gate, as U.K. voters went to the polls to decide the final outcome of the "Brexit" referendum. Financial stocks led the pack, with early data pointing to a win for the "remain" camp, and ahead of the Federal Reserve's release of the annual bank stress test results. Against this backdrop, oil prices topped $50 per barrel, the S&P 500 Index (SPX) muscled back above the key 2,100 level, and the Dow surmounted 18,000.

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

The Dow Jones Industrial Average (DJIA - 18,011.07) ended up 230.2 points, or 1.3%, closing atop the key 18,000 level for the first time since June 8. Goldman Sachs Group Inc (NYSE:GS) led the 29 Dow winners with a gain of 3.1%, while Nike Inc (NYSE:NKE) was the sole Dow loser for the day, ending down 0.8%.

The S&P 500 Index (SPX - 2,113.32) gained 27.9 points, or 1.3%, to end above 2,100, while the Nasdaq Composite (COMP - 4,910.04) added 76.7 points for the day, up 1.6%. Both notched their highest finishes in two weeks.

The CBOE Volatility Index (VIX - 17.25) dropped 3.9 points, or 18.5%.

Indexes closing summary June 23

NYSE and NASDAQ stats June 23


5 Items on Our Radar Today: 

  1. U.S. jobless claims fell to a near a 43-year low last week, according to the newest Labor Department report. Initial filings for unemployment benefits have remained under the 300,000 marker for 68 consecutive weeks, marking the longest streak since 1973. (Reuters)
  2. Tech "unicorn" Twilio Inc (NYSE:TWLO) had a banner public debut. Could its huge first day be a sign of what's to come? (Fortune)
  3. pessimism meltdown could catapult Barrick Gold Corporation (USA) (NYSE:ABX) to a three-year high.
  4. This blue chip bounced on broad-market tailwinds and a bullish brokerage note.
  5. Tesla Motors Inc (NASDAQ:TSLA) is still paying the price for its $2.8 billion "no brainer" buyout.

Quarterly Earnings June 23

Unusual Options Activity June 23
Data courtesy of
Trade-Alert

Commodities:

August-dated oil settled above the key $50 mark, up 2%, or 98 cents, to $50.11 per barrel. Investors began to relax ahead of "Brexit" results, with increasing hopes that a "remain" vote will be the final word in the matter.

August-dated gold dropped $6.90, or 0.5%, to settle at $1,263.10 per ounce. Investors withdrew their money from the "safe haven" to invest in riskier assets, as the "Brexit" saga neared its conclusion, and polls showed an increased likelihood of a "remain" outcome.

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