Dow Jones Industrial Average Extends Longest Weekly Win Streak In a Year

2 Drugmakers Making Huge Moves

Dec 16, 2016 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) made a strong move out of the gate, but a report that China captured an underwater U.S. drone in the South China Sea was enough to spook traders, sending stocks lower. A bigger-than-expected drop in housing starts in November added to the bearish backdrop, just a day after economic data acted as a boon for equities. The S&P 500 Index (SPX) also struggled for gains, as did the tech-heavy Nasdaq Composite (COMP). The Dow did manage a sixth straight weekly gain -- its longest winning streak in more than a year -- though the 20,000 mark remained elusive. 
Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJIA - 19,843.41) gave up earlier gains to shed 8.8 points, or 0.04%. Fourteen of 30 Dow components ended higher, with the top spot going to UnitedHealth Group Inc (NYSE:UNH), which gained 2.1%. Caterpillar Inc. (NYSE:CAT) suffered the biggest loss at 2.1%, and Procter & Gamble Co (NYSE:PG) closed flat. The Dow managed a 0.4% advance for the week. 

The S&P 500 Index (SPX - 2,258.07) also lost ground, falling 4 points, or 0.2%, while the Nasdaq Composite (COMP - 5,437.16) ended with a 19.7-point, or 0.4%, loss. The SPX and the COMP both lost 0.1% this week. 

The CBOE Volatility Index (VIX - 12.20) also ended in the red, down 0.6 point, or 4.6%. The VIX dropped 3.8% for the week. 

Indexes closing summary December 16
NYSE and Nasdaq December 16

5 Items on Our Radar Today

  1. China has captured an underwater U.S. drone in the South China Sea. The drone was part of an unclassified program, and the United States has formally demanded its return. "It is ours, and it is clearly marked as ours and we would like it back. And we would like this not to happen again," said Pentagon spokesman Jeff Davis.(Reuters)
  2. McDonald's Corporation (NYSE:MCD) has partnered with UberEATS to bring a delivery option to almost 200 restaurants in Florida. The service will be available at select restaurants in Orlando, Tampa, and Miami in January.  (USA Today)
  3. The  Apple Inc. (NASDAQ:AAPL) supplier that made a double-digit percentage move today. 
  4. FedEx Corporation (NYSE:FDX) put traders are bracing for a post-earnings pullback.
  5. Why there may be trouble brewing for these 2 bank stocks

Quarterly earnings December 16
Unusual options activity december 16
Data courtesy of Trade-Alert


Oil prices gained today, notching a weekly win of 0.8% in the process. January-dated crude futures rose $1, or 2%, to close at $51.90 per barrel. 

February-dated gold futures added $7.60, or 0.7%, to settle at $1,137.40 an ounce. However, gold ended the week with a 2.1% loss -- its sixth straight weekly loss. 

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