However, the DJIA managed to notch a sixth straight monthly gain
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.
5 Items on Our Radar Today:
- 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)
- 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)
- As Tesla Motors Inc (NASDAQ:TSLA) revved up, Ford Motor Company (NYSE:F) put on the brakes.
- Why these 2 stocks may be headed for trouble.
- Will Barrick Gold Corporation (USA) (NYSE:ABX) continue to shine?
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%.
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