Dow Hangs On, Nasdaq Dips in Another Volatile Session

Trump hopes the Fed doesn't raise interest rates anymore

Patrick Martin
Dec 13, 2018 at 4:26 PM
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Volatility once again reared its ugly head today. The Dow was up more than 200 points at its session high, then briefly swung into the red before finishing modestly higher. Stocks initially cheered the latest jobs data, and a rally from Procter & Gamble (PG) lifted the blue-chip barometer. However, optimism about U.S.-China trade relations seemed to fizzle in afternoon trading, with the S&P reversing lower and the Nasdaq snapping its three-day winning streak. Eyes are on the Fed's policy meeting next week, especially after President Donald Trump took to Fox News to say he hopes the Fed "won’t be raising interest rates anymore."

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

  • The S&P 500 death cross and what it means for stocks.
  • Analyst: This chip stock could add 24% next year.
  • Options bears boarded Delta stock after weak 2019 guidance.
  • Plus, 3 stocks slapped with "sell" ratings; another winning Invesco trade; and analysts react to big news from Lowe's.

The Dow Jones Industrial Average (DJI - 24,597.38) ended up 70.1 points, or 0.3%. Of the 30 Dow components, 17 finished higher, led by a 2.6% gain from PG. Nike (NKE) paced the 13 laggards with a 1.9% drop.

The S&P 500 Index (SPX - 2,650.54) lost 0.5 point. The Nasdaq Composite (IXIC - 7,070.33) shed 28 points, or 0.4%.

The Cboe Volatility Index (VIX - 20.65) ended the day down 0.8 point, or 3.8%.

closing indexes summary december 13

nyse and nasdaq stats december 13

5 Items on our Radar Today

  1. FAANG giant and iPhone maker Apple (AAPL) announced earlier today its plans to build a second campus in Austin, Texas. The $1 billion headquarters will house up to 15,000 workers for various jobs in engineering, research and development, operations, and finance. Apple has said it plans to invest nearly $30 billion in the United States in the coming years. (Reuters)
  2. The U.S. budget deficit hit a record high in the month of November, surging to $204.9 billion. However, most of this surge can be attributed to a calendar-related shift in payments. Nevertheless, the entire fiscal-year budget deficit has grown by 51% to $305 billion. (MarketWatch)
  3. 3 stocks hit by bearish analyst notes.
  4. Struggling Invesco stock rewarded options bears once again.
  5. How analysts reacted to Lowe's buyback buzz.

corporate earnings december 13

unusual options activity december 13

Data courtesy of Trade-Alert

Oil Climbs on Reports of Saudi Plans

Oil futures climbed today, bubbling higher on a report that Saudi Arabia plans to curb its shipments to U.S. refiners in an effort to reduce American stockpiles.January-dated crude futures rose $1.43, or 2.8%, to finish at $52.58 per barrel.

Gold futures dropped today, as the dollar firmed against a basket of foreign rivals. February-dated futures shed $2.60, or 0.2%, to settle at $1,247.40 per ounce.


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