Dow Jones Industrial Average Suffers Fifth Straight Loss; S&P Hits Record High

25 Stocks For Your Bearish August Watch List

by Celeste Taylor

Published on Jul 29, 2016 at 4:30 PM
Updated on Jul 29, 2016 at 4:35 PM

The Dow Jones Industrial Average (DJIA) dropped out of the gate, as stocks reacted to mixed blue-chip earnings and disappointing second-quarter gross domestic product (GDP) estimates. The Dow spent much of the day attempting to muscle its way to a win, but was ultimately unsuccessful, logging its fifth straight daily drop and snapping a four-week winning streak. However, the index managed to notch a sixth straight monthly win. Meanwhile, the S&P 500 Index (SPX) snagged a new record intraday high and ended the day in the black, along with the tech-heavy Nasdaq Composite (COMP), which was propelled higher by earnings wins from Alphabet Inc (NASDAQ:GOOGL) and Amazon.com, Inc. (NASDAQ:AMZN).  


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

The Dow Jones Industrial Average (DJIA - 18,432.24) ended the day down 24.1 points, or 0.1%. Verizon Communications Inc (NYSE:VZ) led the 16 Dow winners, adding 1%, while McDonald's Corporation (NYSE:MCD) brought up the 14 losers, dropping 1.5%. Week-over-week, the DJIA finished down 0.7%, and for the month, the Dow added 2.8%.

The S&P 500 Index (SPX - 2,173.60) added 0.2%, or 3.5 points, but still ended the week down 0.1%. For the month, the SPX advanced 3.6% -- its fifth straight win. The Nasdaq Composite (COMP - 5,162.13) rose by 0.1%, or 7.1 points, for a week-over-week gain of 1.2%, and a monthly climb of 5.9%. 

The CBOE Volatility Index (VIX - 11.87) finished down 0.9 point, or 6.7%, for the day. Weekly, the VIX was down 1.2%, and for the month, the VIX claimed a 24.1% loss. It was the lowest monthly close since June 2014.

Indexes closing summary July 29

NYSE and NASDAQ stats July 29

5 Items on Our Radar Today: 

  1. San Francisco Fed President John Williams took a hawkish tone today, dismissing recession concerns despite today's lackluster GDP data, and saying that two interest-rate raises could still happen before the end of the year. However, Williams is not a voting member of the Federal Open Market Committee (FOMC). (MarketWatch)
  2. Anheuser-Busch InBev SA (NYSE:BUD) is one step closer to its $104.9 billion takeover of SABMiller, after the SABMiller board recommended shareholders approve the offer. (Reuters)
  3. As Tesla Motors Inc (NASDAQ:TSLA) revved up, Ford Motor Company (NYSE:F) put on the brakes.
  4. Why these 2 stocks may be headed for trouble.
  5. Will Barrick Gold Corporation (USA) (NYSE:ABX) continue to shine?

Quarterly earnigns July 29

Unusual options activity July 29
Data courtesy of
Trade-Alert

Commodities:

September-dated crude added 46 cents, or 1.1%, to end the day at $41.60 per barrel, as a falling dollar overshadowed a fifth straight increase in the weekly Baker Hughes oil rig count. For the week, oil prices dropped 5.8%, and for the month, black gold lost 13.9% -- the biggest monthly drop in a year.

December-dated gold jumped $16.30, or 1.2%, to finish the day at $1,357.50 per ounce, as lackluster GDP data weighed on the dollar and traders' collective appetite for risk. Comparing most active contracts, gold ended the week up 2.6%, and finished the month up 2.8%.  

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

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


3 Million to Lose Jobs – and Not Because of Coronavirus?
A terrifying new trend can make you a millionaire or destroy your financial future.
Wall Street Reclaims Two Key Trendlines This Week
U.S.-China tensions and dire economic data still weigh, though
Dell Stock Jumps on Upbeat First Quarter
DELL announced an upbeat first-quarter report
Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.