Oil prices ended at their lowest point in 10 months
The Dow Jones Industrial Average (DJIA) struggled today, as oil prices continued their trek into bear-market territory amid reports of rising domestic production. The S&P 500 Index (SPX) dipped as well, hurt by the energy sector and a down day for financial stocks. The Nasdaq Composite (COMP) finished higher today, however, buoyed by biotech stocks and continued bargain hunting in the tech sector.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 21,410.03) lost 57.1 points, or 0.3%. Eighteen of the 30 Dow stocks ended lower, with Caterpillar stock bringing up the rear, dropping 3.3%. Nike and Merck stock were the top advancers, gaining 2% and 1.4%, respectively. It was the second straight day Merck finished in the top two.
The S&P 500 Index (SPX - 2,435.61) fell 1.4 points, or 0.1%. The Nasdaq Composite (COMP - 6,233.95) jumped 46 points, or 0.7%.
The CBOE Volatility Index (VIX - 10.75) fell 0.1 point, or 1%.
5 Items on Our Radar Today:
- Philadelphia Fed President Patrick Harker, in comments today, indicated that September could be an opportune time for the U.S. central bank to begin shrinking its balance sheet. While no official details have been ironed out, the Fed agreed the initial cap will be set at $10 billion. (MarketWatch)
- eBay announced it will start to match the prices of competitors for a wide range of products. Starting in the fall, eBay will guarantee three-day delivery for millions of items in its stock. The promise marks an attempt to compete with retail rival’s Amazon, Wal-Mart, and Target's similar customer-centric guarantees. (CNBC)
- CarMax stock went cruising after earnings beat.
- BlackBerry options were buzzing ahead of earnings.
- This energy stock was a casualty of oil's slide.
Data courtesy of Trade-Alert
Commodities
Oil took a steep dive today, marking its lowest finish in 10 months, after the Energy Information Administration (EIA) said U.S. supplies fell by more than expected last week, but domestic production increased. August-dated crude futures fell 98 cents, or 2.3%, to $42.53 per barrel.
Gold rose today after touching a five-week low yesterday, as both the dollar and equities slipped. August-dated gold futures rose $2.30, or 0.2%, to $1,245.80 an ounce.