The DJIA followed oil higher to end the day with a respectable gain
The Dow Jones Industrial Average (DJIA) ended the day higher, as stocks followed suit with crude futures. Oil prices gained ground after Russian President Vladimir Putin indicated his likely cooperation with the Organization of the Petroleum Exporting Countries (OPEC) as the cartel moves toward a proposed oil production cap. As a result, energy stocks were among the day's top gainers -- while a number of drug names also made big moves amid an onslaught of trial data.
Continue reading for more on today's market, including:
- Options traders bet on Facebook Inc (NASDAQ:FB) to explore record territory within the next two weeks.
- The 2 biotech stocks responding to breast cancer trial results.
- Why this outperforming fiber optics specialist tumbled below the century mark.
- Plus... an Alcoa earnings preview, why one big-name drugmaker hit two-year lows, and the smaller-cap rival that bested Pfizer.
The Dow Jones Industrial Average (DJIA - 18,329.04) finished the day with a win, up 88.6 points, or 0.5%. Oil major Exxon Mobil Corporation (NYSE:XOM) led the 18 Dow winners, jumping nearly 2%, while Wal-Mart Stores, Inc. (NYSE:WMT) brought up the rear among the eight Dow losers, slipping over 1%. Four Dow components finished flat for the day.
The S&P 500 Index (SPX – 2,163.66) also ended higher, gaining 9.9 points, or 0.5%. The Nasdaq Composite (COMP – 5,328.67) rose 36.3 points, or 0.7%.
The CBOE Volatility Index (VIX – 13.38) fell 0.1 point, or 0.7%.
5 Items on Our Radar Today
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- Alibaba Group Holding Ltd (NYSE:BABA) is purchasing a stake in Steven Spielberg's Amblin Partners, and the two reportedly will be teaming up to produce films aimed to capture the Chinese movie market. (Bloomberg)
- How one rival had Bristol-Myers Squibb Co (NYSE:BMY) touching two-year lows.
- A sneak peek at what traders can expect from Alcoa Inc (NYSE:AA) earnings.
- Exelixis, Inc. (NASDAQ:EXEL) popped after besting rival Pfizer Inc. (NYSE:PFE) on kidney cancer drug data.
Data courtesy of Trade-Alert
Commodities:
November crude futures gained $1.54, or 3.1%, to end the day at $51.35 per barrel. Black gold soared on Putin's reported support for a production freeze, as well as the Saudi Arabian energy minister's forecast for a 20% surge in oil prices.
December gold futures climbed $8.50, or 0.7%, to $1,260.40 per ounce, paring some of last week's losses. Data from the World Gold Council indicated healthy inflows into gold-based funds, giving the precious metal a boost.
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