The DJIA fell with crude, but a tech rally helped the COMP to a win
The Dow Jones Industrial Average (DJIA) tested both sides of breakeven, and eventually resolved lower as sinking crude oil prices took their toll -- though the index maintained its grip atop the 18,000 level. Skittishness also continues to linger -- both at home and abroad -- ahead of the Fed's policy-setting meeting next week, as a potential interest-rate hike remains on the table. In an interesting twist, former Fed Chair Ben Bernanke weighed in, suggesting it may be "premature to rule out" negative interest rates.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,034.77) briefly breached 18,000, but settled on a more modest loss of 32 points, or 0.2%. Just eight of 30 Dow stocks ended higher, led by Apple Inc.'s (NASDAQ:AAPL) 3.5% uptick. Of the 22 losers, American Express Company (NYSE:AXP) fared the worst, sliding 1.4%.
The S&P 500 Index (SPX - 2,125.77) dipped 1.3 points, or almost 0.1%. However, tech stocks outperformed, helping the Nasdaq Composite (COMP - 5,173.77) to an 18.5-point, or 0.4%, victory.
The CBOE Volatility Index (VIX - 18.14) added 0.3 point, or 1.6%, notching its loftiest close since late June.
5 Items on Our Radar Today:
- Uber has begun testing a fleet of self-driving cars in Pittsburgh, making them available to the ride-hailing service's "most loyal" users. While the vehicles are autonomous, a human will remain in the driver's seat in case of an emergency. (PCWorld)
- According to the Labor Department, U.S. import prices fell 0.2% in August, slightly more than expected, marking the first slide in six months. Also, export prices dropped 0.8%, representing the sharpest plunge since January. (Reuters via CNBC)
- Call buyers responded as Wynn Resorts, Limited (NASDAQ:WYNN) hit an annual high.
- While this biotech blew up, a downbeat FDA note drilled this drugmaker.
- What to expect from Oracle Corporation (NYSE:ORCL) after earnings.
Data courtesy of Trade-Alert
Commodities:
Oil prices crashed after the Energy Information Administration (EIA) reported bigger-than-expected weekly builds in petroleum products, offsetting a surprise drop in crude inventories. At the close, October-dated crude futures were down $1.32, or 2.9%, at $43.58 per barrel.
Gold edged higher on a weaker dollar, ahead of next week's Fed rate-hike decision -- snapping a five-session losing streak in the process. Specifically, gold for December delivery added $2.40, or 0.2%, to settle at $1,326.10 per ounce.
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