The DJIA rallied triple digits, but couldn't close atop 22,000
The Dow Jones Industrial Average (DJIA) managed a triple-digit rally to start to the week, paring some of last week's losses as fear of nuclear war with North Korea dimmed slightly over the weekend. However, the Dow was unable to maintain its grip atop the 22,000 level, ending beneath the millennium level for a third straight day. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) both finished higher, with the former enjoying its best day since April, while the CBOE Volatility Index (VIX) -- the stock market's "fear index" -- deflated more than 20%.
Continue reading for more on today's market, including:
- 2 Dow stocks to buy right now.
- Urban Outfitters was put on blast ahead of earnings.
- The hedge fund that dumped SNAP.
- Plus, the pharma stock sinking on bad data; the FAANG stock slammed by Barron's; and the tech stock traders are betting against.
The Dow Jones Industrial Average (DJIA - 21,993.71) ended with a gain of 135.4 points, or 0.6%. Twenty-six of the Dow's 30 stocks ended higher, led by Visa's 1.8% rally. Disney paced the four losers, dropping 0.6%.
The S&P 500 Index (SPX - 2,465.84) gained back 24.5 points, or 1%. The tech-heavy Nasdaq Composite (COMP - 6,340.23) gained 83.7 points, or 1.3%.
The CBOE Volatility Index (VIX - 12.33) lost 3.2 points, or 20.5%, after skyrocketing last week.
5 Items on Our Radar Today
- More than 200 people have died in West Africa after a tragic mudslide overtook the city of Sierra Leone. The mudslide occured in the early hours of Monday morning, when most residents were still sleeping. The death toll is expected to rise as rescue efforts are still underway. (Reuters)
- Apple has reportedly been in secret talks with healthcare provider Aetna, to provide free or discounted Apple Watches to its members. The healthcare company already supplies free Apple Watches to employees, and hopes providing the technology to members will encourage use of the health and fitness application on the device. (CNBC)
- The pharma stock that sank after bad drug data.
- The FAANG stock slammed by Barron's.
- Traders are betting against this tech stock.
Data courtesy of Trade-Alert
Commodities
Oil futures ended lower today following signs of weak demand in China, as well as an increasing dollar. Finishing the day down 2.5%, or $1.23, September-dated crude came to a close at $47.59 per barrel.
The strong dollar and easing tensions between North Korea and the U.S. brought gold futures lower for the first time in four sessions today. December-dated gold finished 0.3%, or $3.60, lower, settling at $1,290.40 per ounce.