Dow Jones Industrial Average Ends Higher; Oil Soars On OPEC Deal

25 Stocks Set to Soar in October

Sep 28, 2016 at 4:23 PM
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After starting the day on a slow note, the Dow Jones Industrial Average (DJIA) turned higher in the afternoon to finish with healthy gains. Boosting equities across the board -- and energy stocks in particular -- were reports that the informal meeting of Organization of the Petroleum Exporting Countries (OPEC) members and other crude producers, which kicked off today in Algeria, may have already led to a deal to limit crude oil output. The news sent oil prices substantially higher, and largely overshadowed ugly Nike Inc (NYSE:NKE) earnings and Fed Chair Janet Yellen's testimony before the House Financial Services Committee. Yellen's comments were principally focused on the state of U.S. banks, and offered few clues on the timing of future interest-rate hikes.

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

The Dow Jones Industrial Average (DJIA - 18,339.24) added 110.9 points, or 0.6%, with Caterpillar Inc. (NYSE:CAT) leading 21 of the large-cap stocks higher on a 4.5% daily gain. Pacing the eight losers was NKE, shedding 3.8%, while United Technologies Corporation (NYSE:UTX) ended the day unchanged.

The S&P 500 Index (SPX - 2,171.37) climbed 11.4 points, or 0.5%. The Nasdaq Composite (COMP - 5,318.55) gained 12.8 points, or 0.2%, underperforming its peers after Tuesday's hefty gains.

The CBOE Volatility Index (VIX - 12.39) gave back 0.7 point, or 5.4%.

indexes closing summary september 28

nyse and nasdaq stats september 28

5 Items on Our Radar Today

  1. Members of the U.S. Senate and House of Representatives voted to override President Obama's veto of a bill that would allow families of victims of the 9/11 terrorist attacks to sue the Saudi Arabian government. The successful vote means the bill will now become law, and marks the first veto override of Obama's presidency. (The Associated Press, via CNBC)
  2. Informal talks in Algeria have reportedly resulted in an agreement among OPEC members to cut crude oil production by some 750,000 barrels per day, which would mark the first such deal in eight years. The decision is not yet official, and it is unclear whether details will be released soon, or withheld until the group's official meeting in Vienna in late November. (Bloomberg, MarketWatch)
  3. The drug deal that sent options volume soaring on biotech Anavex Life Sciences Corp. (NASDA:AVXL).
  4. Why put players have set sights on these 2 big names ahead of earnings.
  5. The fast-food firm getting slammed on a disappointing outlook.

quarterly earnings september 28

unusual options activity september 28
Data courtesy of Trade-Alert

Commodities:

Crude oil finished sharply higher after reports of a production cap agreement among OPEC members, and after a fourth consecutive drop in weekly crude inventories. Hopes that the ongoing global glut will soon see some relief helped crude futures for November finish $2.38, or 5.3%, higher, to $47.05 per barrel -- its highest close in nearly three weeks, and its best session since April.

Gold futures traded lower through the session, as the dollar strengthened on Fed Chair Janet Yellen's testimony and the OPEC buzz. For the day, December-dated gold shed $6.70, or 0.5%, to $1,323.70 an ounce.

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