Dow Jones Industrial Average Gives Up Triple Digits as Banks Slide

Beware These 3 Biotech Stocks in October

Sep 29, 2016 at 4:22 PM
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The Dow Jones Industrial Average (DJIA) shed close to 250 points at its intraday bottom, as Apple Inc. (NASDAQ:AAPL) dropped and a record low for Deutsche Bank AG (USA) (NYSE:DB) rippled through the banking sector. A late-session rally in crude oil did little to boost stocks, even as oil prices hit monthly highs on continued hopes that an output agreement among Organization of the Petroleum Exporting Countries (OPEC) members will hold. Meanwhile, the latest round of economic data kept Fed concerns in focus. Specifically, a better-than-expected weekly jobless claims report and upwardly revised second-quarter gross domestic product (GDP) reading raised expectations for an interest rate hike this December.

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

The Dow Jones Industrial Average (DJIA - 18,143.45) lost 195.8 points , or 1.1%, by the day's end, with Goldman Sachs Group Inc (NYSE:GS) leading 28 of the 30 blue-chip stocks lower, dropping 2.7%. Caterpillar Inc. (NYSE:CAT) led the gainers for a second straight day, tacking on 1%, with Verizon Communications Inc. (NYSE:VZ) the other advancing equity, up 0.1%.

The S&P 500 Index (SPX - 2,151.13) gave back 20.2 points, or 0.9%, while the Nasdaq Composite (COMP - 5,269.15) shed 49.4 points, or 0.9%.

The CBOE Volatility Index (VIX - 14.02) climbed 1.6 points, or 13.2%, for the day.

indexes closing summary september 29

nyse and nasdaq stats september 29

5 Items on Our Radar Today

  1. There is still no known explanation for the crash in Hoboken, New Jersey, that killed one and injured more than 100 others this morning, when a train collided with the station at high speeds. The train was reportedly one that had not yet been equipped with positive train control (PTC) -- a system that can automatically slow or stop trains to prevent accidents -- with the government having set a 2018 deadline to install the feature on all trains. (Bloomberg)
  2. Former Delta Air Lines, Inc. (NYSE:DAL) executive Jon Ruggles was ordered by the U.S. Commodity Futures and Trading Commission (CFTC) to pay a fine of $5.25 million in a settlement charging him with fraudulent trading. According to the case, Ruggles used a private account in his wife's name to trade the same oil and gasoline derivatives that he traded for Delta. (MarketWatch)
  3. 5 travel stocks for your fourth-quarter watchlist.
  4. Fitbit Inc (NYSE:FIT) fell hard on what one analyst called "a fundamental issue driving high churn."
  5. The latest Autopilot buzz that had Tesla Motors Inc (NASDAQ:TSLA) sinking .

quarterly earnings september 29

unusual options activity september 29
Data courtesy of Trade-Alert

Commodities:

Following Wednesday's OPEC-fueled surge, oil prices continued to rally. The November contract for crude finished up 78 cents, or 1.7%, at $47.83 per barrel -- a one-month high.

While stocks treaded lower, gold futures climbed, with December-dated gold adding $2.30, or 0.2%, to $1,326.00 an ounce. Big losses for bank stocks and skepticism over a potential OPEC agreement kept the dollar fluctuating, and gold capitalized on its status as a "safe haven" investment.

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