Dow Falls With Apple; Healthcare Rebound Helps S&P Higher
The Dow Jones Industrial Average (DJIA) struggled today, pulling back from record highs, as investors considered escalating tensions with North Korea and Apple's worst week since April 2016. However, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) eked out gains in the final minutes of trading, as healthcare stocks came off their session lows after Senator John McCain said he couldn't support the latest Republican effort to repeal Obamacare. The S&P also joined the Dow in positive territory for the week, though the tech-rich Nasdaq ended the week in the red.
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The Dow Jones Industrial Average (DJIA - 22,349.59) endured a 9.6-point, or 0.04%, loss, ending lower for the second straight day. Fourteen Dow stocks ended in the black, led by Cisco System's 2% gain. Of the 16 losers, UnitedHealth had the worst day, falling 1.1%. The blue-chip index rose 0.4% for the week.
The S&P 500 Index (SPX - 2,502.22) rose 1.6 point, or 0.1%, and the Nasdaq Composite (COMP - 6,426.92) added 4.2 points, or 0.1%. The SPX rose 0.1% for the week and the Nasdaq fell 0.3%.
The CBOE Volatility Index (VIX - 9.59) fell 0.1 point, or 0.8%, bringing its weekly loss to 5.7%.
5 Items on Our Radar Today
The Graham-Cassidy proposal to repeal Obamacare was hit with a major blow today, when Arizona Senator John McCain said he would not vote for the measure. McCain said a proper healthcare bill needs bipartisan support. (Bloomberg) Wal-Mart is testing a service that would stock consumers' fridges for them. The company is partnering with August Home to test the service. (Reuters)The drug stock that got demolished today.How Tesla's rough week sparked heavy options trading. The car stock that stalled on a big "sell" rating.
Data courtesy of Trade-Alert
Commodities
Oil prices rose today, as traders reacted to reports that major oil producers are adhering to the global supply cut agreement. However, Russia's energy minister said suppliers may not officially decide to extend output cut agreements until early next year. November-dated crude futures added 11 cents, or 0.2%, to close at $50.66 per barrel. Front-month oil added 1.5% for the week.
Gold ended higher today due to heightened tensions with North Korea. December-dated gold picked up $2.70, or 0.2%, to close at $1,297.50 per ounce. Gold ends the week down 2%.