The DJIA ended higher, as stocks reacted to Fed Chair Janet Yellen's rate-hike remarks and a raft of economic data
Following a seesaw session in which Fed Chair Janet Yellen dropped a major rate-hike hint, the Dow Jones Industrial Average (DJIA) resolved modestly higher -- just a day after snapping its winning streak. This, despite stiff post-earnings losses for Dow stocks Cisco Systems, Inc. (NASDAQ:CSCO) and Wal-Mart Stores, Inc. (NYSE:WMT). Meanwhile, financials outperformed as Wall Street reacted favorably to a mostly upbeat round of economic data, while crude oil and other commodities buckled under the weight of a stronger U.S. dollar.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,903.82) added 35.7 points, or 0.2%. Sixteen of the 30 Dow stocks gained ground, led by Home Depot Inc (NYSE:HD), up 2.9%. CSCO was the biggest of the 14 blue-chip laggards, sliding 4.8%.
The S&P 500 Index (SPX - 2,187.12) tacked on 10.2 points, or 0.5%, while the Nasdaq Composite (COMP - 5,333.97) popped 39.4 points, or 0.7%.
The CBOE Volatility Index (VIX - 13.35) shed 0.4 point, or 2.7%, for its third straight close south of 14.
5 Items on Our Radar Today
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While Yellen dominated today's central bank headlines, New York Fed President William Dudley offered his
perspective on international trade, which has become a hot topic following Trump's election to the presidency. "International developments clearly affect international outcomes and financial stability within each of our borders. These international linkages have become more important over time," Dudley said.
(Reuters, via CNBC)
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Twitter Inc (NYSE:TWTR) CEO Jack Dorsey was forced to apologize this afternoon, after a
white supremacist ad appeared on the microblogging platform. Via Twitter (naturally), Dorsey explained, "Our automated system allowed an ad promoting hate. Against our policy. We did a retro and fixed!"
(USA Today)
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Data courtesy of Trade-Alert
Commodities:
Concerns that Organization of the Petroleum Exporting Countries (OPEC) members will refuse to comply with production quotas -- combined with a stronger U.S. dollar -- resulted in headwinds for crude oil. At the close, December-dated crude futures were down 15 cents, or 0.3% at $45.42 per barrel.
Yellen's hawkish tone put the heat on gold futures, which fell to their lowest settlement price since June. Specifically, gold for December delivery lost $7, or 0.6%, at $1,216.90 per ounce.
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