Dow Closes Higher Despite Economic Concerns

Trump's OPEC call-out on Twitter put oil prices in focus

by Josh Selway

Published on Mar 28, 2019 at 4:25 PM

U.S. stocks traded on both sides of breakeven today, as traders considered economic data and headlines around U.S.-China trade relations. A downwardly revised reading on fourth-quarter GDP and a round of lackluster housing data set stocks back early on, but some positive buzz around trade talks and a huge earnings reaction from today's top S&P 500 performer PVH Corp helped offset the losses. While the Dow managed to end the day in positive territory, crude futures fell following President Donald Trump's tweet claiming oil prices were too high.

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

  • 2 stocks that could make big earnings moves tomorrow.
  • The best FAANG stock for the second quarter.
  • Inside the drug data the prompted one of Tricida's biggest moves ever.
  • Plus, a telecom stock for bears; analyst hits FedEx; and Five Below gets bulls behind it.

The Dow Jones Industrial Average (DJI - 25,717.46) closed near session highs, up 91.9 points, or 0.4%. Twenty-six of the 30 Dow components finished with gains, led by 1.1% wins from Nike (NKE) and JPMorgan Chase (JPM). Verizon (VZ) had the worst session, shedding 3%.

The S&P 500 Index (SPX - 2,815.44) closed up 10.1 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,669.17) picked up 25.8 points, or 0.3%.

The Cboe Volatility Index (VIX - 14.43) ended with a 0.7-point, or 4.8%, loss.

Closing Indexes Summary March 28

NYSE and Nasdaq Stats March 28

5 Items on our Radar Today

  1. The U.S. Supreme Court rejected a request from a gun rights activist group looking to stop the Trump administration's plan to ban bump stocks for guns. The new regulation was implemented by the Justice Department on Tuesday, and follows the lead of several states that already imposed rules on bump stock sales. (Reuters)
  2. One of today's oddest stories came out of Iceland, where airline Wow Air suddenly canceled all flights and said it has ceased operation. Some passengers may be entitled to compensation depending on how and when they booked their flights. (CNBC)
  3. Why option bears should pay attention to Qualcomm.
  4. An analyst explained his decision to downgrade FedEx stock.
  5. How retailer Five Below is attracting bullish attention on Wall Street.

Corporate Earnings March 28

Unusual Options Activity March 28

Data courtesy of Trade-Alert

Oil Dips on Trump Tweet; Gold Suffers Biggest Drop Since August

Oil prices ended in the red after President Trump tweeted that the Organization of the Petroleum Exporting Countries (OPEC) should increase supply to lower prices. May crude futures finished down 11 cents, or 0.2%, at $59.30 per barrel.

Gold prices took a tumble today amid a strengthening dollar. April-dated gold closed with a $20.60, or 1.6%, loss to end at $1,289.80 per ounce, below the key $1,300 level. It was gold's biggest single-session drop since August.

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