The DJIA spent the entire session trading below breakeven, as disappointing economic data weighed on stocks
The
Dow Jones Industrial Average (DJIA) spent the entire day in the red, as stocks retreated from
Thursday's record highs amid
a bleak round of economic data. Falling short of economists' expectations were retail sales for July -- despite
more strong earnings from the sector -- the producer price index (PPI), and consumer sentiment (although business inventories rose by more than forecast). Meanwhile, oil prices continued to rise, with crude futures reaching a fresh three-week high. The
Nasdaq Composite (COMP) was another bright spot, as the tech-heavy index notched a fresh record closing high, and managed a seventh straight weekly win -- its longest such streak since March 2012.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,576.47) gave back 37.1 points, or 0.2%. Of the 30 stocks that make up the Dow, just nine finished with gains, led by Exxon Mobil Corporation's (NYSE:XOM) 1.3% gain. DuPont (NYSE:DD) paced the losers with a 1.9% drop. The Dow closed with a 0.2% week-over-week gain.
The S&P 500 Index (SPX - 2,184.05) ended 1.7 points, or 0.1%, lower. The Nasdaq Composite (COMP - 5,232.90) outperformed with a 4.5-point, or 0.1%, advance, notching its best close ever. The SPX finished the week up just 0.04%, while the COMP picked up 0.2% for the week.
The CBOE Volatility Index (VIX - 11.55) closed below 12 for the fourth time this week, losing 0.1 point, or 1.1%. However, the VIX posted a 1.4% weekly gain.
5 Items on Our Radar Today:
- U.S. retail sales for July disappointed, coming in essentially flat compared to the month prior. Economists had forecast a 0.4% increase, but declining sales in key areas such as department stores and restaurants weighed on the measure. (USA Today)
- Following the scandalous resignation of long-term CEO Roger Ailes last month, Fox News has named executives Jack Abernethy and Bill Shine co-presidents. Ailes left the company amid accusations of sexual harassment. (CNBC)
- How options traders responded to these 2 retailers' profit beats.
- Why these 2 drilling stocks took it on the chin.
- The 3 developments that shook Twitter Inc (NYSE:TWTR).
Data courtesy of Trade-Alert
Commodities:
Oil prices rose today, though crude futures pared gains after a report from Baker Hughes revealed a seventh straight weekly increase in U.S. rig counts. September-dated crude closed up $1.00, or 2.3%, to end at $44.49 per barrel -- a three-week high. For the week, crude oil added 6.4%, its biggest weekly gain since early April.
Gold prices erased intraday gains, ending the day in the red. Gold dated for December delivery was down $6.80, or 0.5%, to close at $1,343.20 an ounce. Gold prices ended the week down roughly 0.09%.
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