Dow Jones Industrial Average Wins the Day, Loses the Week

Analyst: The Biotech Likely to Get Hit With 'Selling Pressure'

by Celeste Taylor

Published on Oct 14, 2016 at 4:29 PM
Updated on Oct 14, 2016 at 4:47 PM

The Dow Jones Industrial Average (DJIA) was up more than triple digits at its intraday peak, as stocks reacted to a round of big bank earnings and well-received economic data. Additionally, Fed Chair Janet Yellen took the stage in the afternoon, and while not providing clues to the central bank's policy timeline, questioned whether the damage done by the Great Recession can be fixed "by temporarily running a 'high-pressure economy.'" Earlier in the session, Boston Fed President Eric Rosengren offered up a more hawkish tone. While the Dow stayed in the green through the close, it fell short of a weekly win.

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

The Dow Jones Industrial Average (DJIA – 18,138.38) rose 39.4 points, or 0.2%. Goldman Sachs Group Inc (NYSE:GS) led the 19 Dow winners with a gain of 1.9%, while McDonald's Corporation (NYSE:MCD) led the 11 losers with its 1.1% loss. For the week, the Dow lost 0.6%, sliding for the second week in a row.

The S&P 500 Index (SPX – 2,132.98) finished fractionally higher, gaining 0.4 point. The Nasdaq Composite (COMP – 5,214.16) also edged higher, addin 0.8 point. For the week, the SPX slid 1%, while the COMP dropped 1.5%.

The CBOE Volatility Index (VIX – 16.12) dipped 0.6 point, or 3.4%. Week-over-week, the VIX soared 19.6%.

Closing Indexes Summary October 14
NYSE and Nasdaq Stats October 14
 

5 Items on Our Radar Today

  1. Software company salesforce.com, inc. (NYSE:CRM) joined the ranks of Alphabet Inc (NASDAQ:GOOGL) and Walt Disney Co (NYSE:DIS) by announcing it will not be making an offer to purchase social media concern Twitter Inc (NYSE:TWTR). The news sent TWTR spiraling -- and put options bulls on notice. (Bloomberg)
  2. Another day, another development in the Verizon Communications Inc. (NYSE:VZ)-Yahoo! Inc. (NASDAQ:YHOO) saga. Specifically, YHOO announced it will be cancelling its earnings call next week, as it's pending M&A deal with Verizon remains in limbo following Yahoo's massive data breach. (Fortune)
  3. One candy company bidding a sweet farewell to its top dog.
  4. Pre-earnings call players bore down on Hasbro, Inc. (NASDAQ:HAS) and Bank of America Corp (NYSE:BAC).
  5. Macy's Inc (NYSE:M) took a hit following a bearish brokerage note.

Corporate Earnings October 14
Unusual Options Activity October 14


Data courtesy of Trade-Alert

Commodities:

November-dated crude futures fell 9 cents, or 0.2%, to $50.35 per barrel, after Baker Hughes said the number of active U.S. rigs climbed for the seventh week in a row. On a weekly basis, oil prices jumped 1% -- their fourth straight week of gains.

December-dated gold futures fell $2.10, or 0.2%, to $1,255.50 per ounce, as the dollar gained ground. Week-over-week, gold prices added 0.3%.

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