Dow Jones Industrial Average Logs Sixth Straight Loss After Delayed Healthcare Vote

Why Kentucky Should Be the Market's March Madness Pick

Mar 23, 2017 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) was up 96 points at its intraday peak, before settling modestly lower -- extending its daily losing streak to six -- after House Republicans delayed the healthcare bill vote. While most of the day's attention centered on an Obamacare repeal, stocks also reacted to a surprise jump in weekly jobless claims, while new home sales rose more than expected to a seven-month high in February. And though Fed Chair Janet Yellen didn't address monetary policy in this morning's speech, Minneapolis Fed President Neel Kashkari continued pushing back against another interest rate hike, and instead proposed publishing a plan for how the central bank can trim its $4.5 trillion balance sheet.

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

  • Why the stock market should root for Kentucky basketball.
  • This healthcare stock nearly doubled today.
  • How one options trader bet $4 million on lower oil prices.
  • Plus, 3 healthcare ETFs in focus; time to buy STX; and 2 bank stocks that could bounce.

The Dow Jones Industrial Average (DJIA - 20,656.58) dipped 4.7 points, or 0.02%. Just 11 Dow stocks ended higher, with Nike stock in the lead, up 2.7%. The other 19 blue chips fell, paced by a 1% loss at UnitedHealth.

The S&P 500 Index (SPX - 2,345.96) ended 2.5 points, or 0.1%, lower. The Nasdaq Composite (COMP - 5,817.69) lost nearly 4 points, or 0.1%.

The CBOE Volatility Index (VIX - 13.12) jumped 0.3 point, or 2.4%, for its highest close since Dec. 30.

closing indexes summary march 23
nyse and nasdaq stats march 23

5 Items on Our Radar Today

  1. Walt Disney has extended CEO and Chairman Robert Iger's contract until mid-2019, as the media giant searches for a permanent successor. The board lauded Iger's "outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future." (USA Today)
  2. According to reports, the U.S. State Department will give a green light to construction of the Keystone XL oil pipeline, previously blocked by the Obama administration. Monday is the deadline for approval. (Reuters)
  3. Options traders targeted these 3 ETFs ahead of the healthcare vote.
  4. Why it's a prime time to buy Seagate Technology stock options.
  5. 2 bank stocks that could bounce.

corporate earnings march 23

unusual options activity march 23
Data courtesy of Trade-Alert

Commodities

Oil prices struggled once again, amid ongoing concerns about record crude inventories in the U.S. May-dated crude futures lost 34 cents, or 0.7%, to settle at $47.70 per barrel.

Gold snapped a five-session winning streak, pressured by a firmer dollar. April-dated gold gave back $2.50, or 0.2%, landing at $1,247.20 per ounce.

Get your daily dose of Dow futures, stock news, and more with Schaeffer's Opening View.

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