Dow Makes It Eight Straight; Oil, VIX Fall

The Dow remains a chip-shot off its all-time closing high

Patrick Martin
Sep 13, 2019 at 4:28 PM
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The Dow held on for its eighth straight win today, its longest winning streak since May 2018. The blue-chip index spent the entire day in the black thanks to news of China's key tariff exemptions and upbeat U.S. retail sales data, but still remained a hair off its July 15 record close. While the S&P 500 and Nasdaq were unable to manage wins on the day -- with the former snapping a three-day win streak -- all three benchmarks did secure their third straight weekly win. Elsewhere, Wall Street's "fear gauge," the VIX, suffered its lowest close since late July.

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

  • Put buyers should like their odds on this casino stock.
  • The GM deal that had Cars.com call options buzzing. 
  • Plus, an education stock in trouble; a buyout bid for Bitauto; and a tobacco stock squeezing shorts.

The Dow Jones Industrial Average (DJI - 27,219.52) recorded a 37.1-point, or 0.1%, gain. Dow Inc (DOW) had the best day of the 18 blue-chip gainers, finishing up 2.6%, while Apple (AAPL) led the 12 laggards with its 1.9% drop. The Dow added 1.6% on the week.

The S&P 500 Index (SPX - 3,007.39) gave back 2.2 points, or 0.07%, while the Nasdaq Composite (IXIC - 8,176.71) closed down 17.8 points, or 0.2%. For the week, the S&P 500 and Nasdaq both added 0.9%.

The Cboe Volatility Index (VIX - 13.74) shed 0.5 point, or 3.4%. It lost 8.4% on the week.

closing indexes sumary sept 13

nyse and nasdaq stats sept 13

5 Items on our Radar Today

  1. Bond yields rose in step with U.S. equities this week. The 10-year Treasury yield locked up its largest weekly rally since November 2016, while the 2-year yield surged the most on a weekly basis since June 2009. Better-than-expected retail sales data and abating trade tensions with China fueled the rally. (Reuters)
  2. Consumer sentiment toward the U.S. economy roared this month. According to preliminary data from the University of Michigan, consumer sentiment rose to a higher-than-expected 92 in September from 89.8 in August. However, 38% of all consumers polled expressed worry about the impact of tariffs on the economy. (CNBC)
  3. Signal says it's time to ditch this education stock again. 
  4. Bitauto stock swung higher on buyout buzz.
  5. This tobacco stock sent short sellers to the hills today.

corporate earnings sept 13

unusual options trading sept 13

Data courtesy of Trade-Alert

Weekly Losses For Oil, Gold

Oil closed the week out with its fourth straight loss, as concerns lingered over a potential global supply glut. October-dated crude futures fell 24 cents, or 0.4%, to settle at $54.85 per barrel. For the week, black gold shed roughly 3%.

Gold pulled back today, as a batch of upbeat economic data dulled traders' appetite for safe-haven assets. Gold for December delivery closed down $7.90, or 0.5%, at $1,499.50 an ounce. Gold gave back 1.1% on the week.



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