OPEC Deal Helps Dow End Losing Streak

The gains were only a drop in the bucket, though, compared to previous days' losses

Josh Selway
Jun 22, 2018 at 4:29 PM
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The Dow managed to bounce back today and end its historic losing streak at eight days. Much of the gains came from blue chips Chevron (CVX) and Exxon Mobil (XOM), as oil prices enjoyed their best day since late 2016, following the Organization of the Petroleum Exporting Countries (OPEC) decision to raise crude output by a modest amount. Traders for the most part looked past the trade tensions that have plagued stocks all week, even with President Donald Trump earlier today tweeting out a threat to place 20% tariffs on European auto imports. But while the S&P traded higher with the Dow, the Nasdaq pulled back, and all three indexes finished with weekly losses.

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

The Dow Jones Industrial Average (DJI - 24,580.89) was positive from start to finish, closing up 119.2 points, or 0.5%. DowDuPont (DWDP) led 24 blue chip advancers with a 2.6% gain, and JPMorgan Chase's (JPM) 1.6% slide paced the six losers. The Dow closed the week with a 2% decline.

The S&P 500 Index (SPX - 2,754.88) ticked up 5.1 points, or 0.2%, though the Nasdaq Composite (IXIC - 7,692.82) dipped 20.1 points, or 0.3%. The SPX settled down 0.9% for the week, and Nasdaq suffered a 0.7% weekly loss.

The Cboe Volatility Index (VIX - 13.77) shed 0.9 point, or 5.9%, but jumped 14.9% this week -- its biggest weekly gain in three months.

Closing Indexes Summary June 22

NYSE and Nasdaq Stats June 22

5 Items on Our Radar Today

  1. The Supreme Court today ruled with a 5-4 split that authorities need a warrant to access the location of cellphone users. Exceptions will be made in cases such as active shooters or bomb threats. (Wired)
  2. Looking closer at the tariff wars, European taxes on American goods such as bourbon and cranberries take effect today. The tariffs were previously expected to take effect next month. (USA Today)
  3. Options traders were blasting this booming energy stock.
  4. Why it may be time to dump Bed Bath & Beyond stock
  5. How analysts are reacting to Chipotle's new menu options.

Corporate Earnings June 22

Unusual Options Activity June 22

Data courtesy of Trade-Alert

Oil Jumps on OPEC News; Gold Rises, Too

Today's OPEC agreement sent August-dated crude futures soaring $3.04, or 4.6%, to $68.58 per barrel by the close -- marking black gold's best day since November 2016. As such, oil's weekly gain comes in at 5.4%.

Gold futures also managed slight gains today thanks to a weakening dollar, with the August contract adding 20 cents to end at $1,270.70 an ounce. For the week, though, gold shed 0.6%.


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