Crude oil suffered its worst week in two years
Stock market volatility was the name of the game yet again today, with the Dow exploring a range of more than 1,000 points on both sides of breakeven, before ultimately finishing in the black. It's a trend we've seen all week, with the index trading in a massive range of more than 2,100 points since Monday's open, but ultimately suffering its steepest weekly loss since January 2016. The S&P 500 and Nasdaq also traded erratically before settling higher, wrapping up their worst week in years. But stocks weren't the only group that suffered this week, as dollar-denominated gold and oil prices endured their worst weekly losses in two months and two years, respectively.
Continue reading for more on today's market, including:
- The correction could be a buy signal for this stock.
- 2 biotech stocks up big today.
- Using options to find sentiment extremes.
- Plus, 2 stocks smacked by Amazon; the cybersecurity stock thwarting shorts; and a rotten day for Expedia.
The Dow Jones Industrial Average (DJI - 24,190.90) ended another roller-coaster session with a gain of 330.4 points, or 1.4%. All but three of the Dow's 30 stocks finished higher, led by a 4.8% surge for Nike (NKE). United Technologies (UTX) paced the Dow losers, dropping 1.9%. For the week, the Dow gave up 5.2% -- its steepest loss since January 2016.
The S&P 500 Index (SPX - 2,619.55) added 38.6 points, or 1.5%, on the day. It was also the S&P's worst week since January 2016, shedding 5.2%. The Nasdaq Composite (IXIC - 6,874.49) rallied 97.3 points, or 1.4%, by the closing bell. For the week, though, it fell 5.1% -- the tech-rich index's steepest loss since February 2016.
The CBOE Volatility Index (VIX - 29.06) ended a wishy-washy session with a loss of 4.4 points, or 13.2%. Nevertheless, Wall Street's "fear gauge" soared 67.9% this week -- its biggest one-week gain since the August 2015 "flash crash."
5 Items on Our Radar Today
- The newly signed government budget deal came in at a whopping 652 pages, and included $6 billion to fight the opioid crisis and delay Medicaid cuts to hospitals that serve large swaths of low-income patients. And in a rare show of bipartisanship, both parties touted efforts to extend and expand climate change tax credits. (USA Today)
- The U.S. flu season has been brutal this year, and could be on track to break some recent records, according to the Centers for Disease Control and Prevention. In fact, outpatient visits to ERs and hospitals by patients with flu-like symptoms are at levels not seen since the 2009 swine flu. (CNBC)
- The big Amazon buzz that sent shipping stocks lower.
- The cybersecurity stock that put the squeeze on shorts.
- The catalyst behind Expedia's (EXPE) horrible day.
Data courtesy of Trade-Alert
Oversupply Concerns, Dollar Sink Oil for Sixth Day
Oil prices fell for a sixth straight day, resulting in black gold's worst week in two years. A strengthening dollar and the biggest weekly increase in active U.S. oil rigs in more than a year pushed March-dated crude $1.95, or 3.2%, lower, to $59.20 per barrel. For the week, oil fell roughly 9.6%.
Gold resumed its recent downtrend today, pressured by a stronger greenback. April-dated gold surrendered $3.30, or 0.3%, to end at $1,315.70 an ounce. For the week, the malleable metal dropped 1.6%, marking its worst week in two months.