Dow Adds 241 Points on Last Day of Dismal Month

It was the Dow's worst month since January 2016

Managing Editor
Oct 31, 2018 at 4:29 PM
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Stocks closed out October with a flourish, as the Dow finished up over 240 points to cap off a hectic and volatile month. Despite tacking on more than 670 points over the last two days, the blue-chip index still turned in its worst month since January 2016. The S&P 500 and Nasdaq also finished strong today thanks to an upbeat round of corporate earnings. Nevertheless, it was the former's worst month since September 2011, and the latter's worst since November 2008. Against this backdrop, Wall Street's "fear gauge," the Cboe Volatility Index, posted its best month since August 2015. 

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

  • This FAANG stock is finally flashing a bullish signal.
  • Why FedEx stock could bounce into Black Friday.
  • Options popped on this booming weed stock.
  • Plus, China boosts a med tech stock; 2 drug stocks sending up pre-earnings bull signs; and a really bad day for Electronic Arts.

The Dow Jones Industrial Average (DJI - 25,115.76) closed up 241.1 points, or 1%. It was the Dow's eighth consecutive triple-digit point move. Visa (V) led 22 Dow stocks higher with its 3.8% gain, while Walmart (WMT) paced the eight decliners with its 2.1% fall. For the month, the Dow shed 5.1%. 

The S&P 500 Index (SPX - 2,711.74) added 29.1 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,305.90) tacked on 144.3 points, or 2%. It's the Nasdaq's sixth consecutive triple-digit point move. For the month, the S&P 500 shed 7%, while the Nasdaq gave back 9.2%.

The Cboe Volatility Index (VIX - 21.23) gave back 2.1 points, or 9.1%. In October, VIX surged 75.2%.

Closing Indexes Summary Oct 31

NYSE and Nasdaq Oct 31

5 Items on our Radar Today

  1. On its 10th birthday, bitcoin logged a year-over-year loss. Last fall, bitcoin exploded onto the scene amid a cryptocurrency craze, catapulting to a record high of nearly $20,000 in December. Since then, bitcoin has experienced a dramatic bouts of volatility as digital currency fights for legitimacy on Wall Street. (Reuters)
  2. PepsiCo (PEP) is looking to expand its healthier offerings. The beverage giant said it bought nutritional food company Health Warrior, although the terms of the deal were undisclosed. Earlier this year, Pepsi bought at-home carbonated drinkmaker SodaStream (SODA) for $3.2 billion. (Reuters)
  3. China news helped this med tech stock break out.
  4. 2 drug stocks sending up pre-earnings buy signals.
  5. A weak holiday forecast buried Electronic Arts stock.

corporate earnings oct 31

unusual options activity october 31

Data courtesy of Trade-Alert

Oil Logs Worst Month Since July 2016

Oil prices fell for the third straight day, after the U.S. posted a sixth consecutive weekly increase in crude stockpiles. December-dated crude futures gave back 87 cents, or 1.3%, to finish at $65.31 per barrel, the lowest level since August. For the month, black gold shed 10.8%, its worst monthly performance since July 2016.

Gold futures also fell today for the third straight day, as a strong day for U.S. equities and a rising dollar dulled demand for the safe-haven asset. The December-dated gold contract shed $10.30, or 0.8%, to close at $1,215 an ounce, a new three-week low. For the month, gold gained 1.6%.

 

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