Dow Jones Industrial Average Pushes Higher With Oil

Buy Puts If the VIX Closes Above This Level

Sep 6, 2016 at 4:31 PM
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The Dow Jones Industrial Average (DJIA) explored a range of more than 100 points on both sides of breakeven, but held on to modest gains through the close, with the help of climbing energy stocks. Crude oil prices managed a win for the day, bolstered by an ailing dollar, and as traders considered Monday's comments on price stabilization from Russia and Saudi Arabia. Meanwhile, weaker-than-expected data from the Institute for Supply Management (ISM) further fueled expectations that a September rate hike isn't in the Fed's cards. And the tech-heavy Nasdaq Composite (COMP) outperformed, finishing the day at an all-time closing high.

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

The Dow Jones Industrial Average (DJIA - 18,538.12) added 46.2 points, or 0.3%, with Chevron Corporation (NYSE:CVX) leading 18 blue chips higher. Nike Inc (NYSE:NKE) led 11 losers, while Pfizer Inc. (NYSE:PFE) ended unchanged.  

The S&P 500 Index (SPX - 2,186.48) climbed 6.5 points, or 0.3%, while the Nasdaq Composite (COMP - 5,275.91) tacked on 26 points, or 0.5%, for its highest close ever. 

The CBOE Volatility Index (VIX - 12.02) edged up 0.04 point, or 0.3%.  

Indexes Closing Summary September 6

NYSE and Nasdaq Stats September 6

5 Items on Our Radar Today:

  1. Former Fox News reporter Gretchen Carlson settled a sexual harassment lawsuit against ex-CEO Roger Ailes, receiving an apology from Twenty-First Century Fox Inc (NASDAQ:FOXA), as well as a reported $20 million. Meanwhile, Fox host Greta Van Susteren announced today she will leave the company, after defending Ailes against Carlson's claims. (CNBC)
  2. Coffee drinkers may soon be able to get their morning jolt without the sugar rush, as Starbucks Corporation (NASDAQ:SBUX) reported it will begin offering zero-calorie, stevia-based sweeteners at select locations in the U.S. and Canada. (Reuters)
  3. Short-term options traders took aim at Google parent Alphabet Inc (NASDAQ:GOOGL).
  4. The latest M&A buzz that led to a choppy day for Monsanto Company (NYSE:MON).
  5. Why these 2 internet stocks have been lighting up the options pits. 

Quarterly Earnings September 6

Unusual Options Activity September 6
Data courtesy of Trade-Alert

Commodities:

October-dated crude oil added 39 cents, or 0.9%, to close at $44.83 per barrel, as traders digested comments out of Saudi Arabia and Russia. Oil prices endured a choppy session; while Saudi Energy Minister Khalid al-Falih noted he saw no need for an output freeze, Russia's Alexander Novak said talks about production cuts could happen.

Gold spent the session climbing steadily higher, thanks to dropping odds for a rate hike at the Fed's September meeting, as well as a sinking dollar. Gold for December delivery finished the day up $27.30, or 2.1%, at $1,354.00 an ounce -- the best day for gold since June 24, following the "Brexit" vote.

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