Dow Finishes in Red on IBM Fallout; VIX Snaps Losing Streak
A positive round of corporate earnings managed to lift the SPX and Nasdaq
Stocks ended a wishy-washy session mixed, with the Dow settling lower following IBM's disappointing earnings. On the other hand, the S&P and Nasdaq managed to eke out daily wins, following a slew of well-received corporate earnings. In addition, energy stocks kept the two indexes afloat, as oil prices surged to a three-year high on an unexpected decline in weekly crude inventories. Meanwhile, the VIX -- or Wall Street's "fear gauge" -- snapped a six-session losing streak.
Continue reading for more on today's market, including:
The VIX just did this for the first time ever.2 energy stocks with cheap pre-earnings options.How options traders are speculating ahead of this bank's earnings.Plus, Amazon's new partner; 2 pharma stocks breaking out; and 2 fast food stocks analysts expect to surge.TheDow Jones Industrial Average (DJI - 24,748.07) fell 38.6 points, or 0.2%, for the day. Home Depot (HD) was the biggest of the 14 gainers, surging 2.8%, while IBM was the biggest of the losers, falling 7.5%.
The S&P 500 Index (SPX - 2,708.64) picked up 2.3 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,295.24) gained 14.1 points, or 0.2%.
The Cboe Volatility Index (VIX - 15.60) snapped its losing streak, and gained 0.4 point, or 2.3%, for the day.
5 Items on Our Radar Today
Following Southwest Airlines'fatal engine malfunction, it was discovered that the Federal Aviation Administration (FAA) had just suggested in August that a tighter regulation check be conducted on the same model engine. The CFM56-7B engine is used frequently and internationally, though Southwest claims the incident is the first ever on-board fatality it has experienced. (CNBC)Europe is experiencing a surge in solar power usage, thanks to the increase in warmer weather this week. Following a long and chilly winter, countries such as England and Germany are seeing a boost in solar production as the sun extends its stay. The heat wave comes just ahead of this weekend's London Marathon. (Bloomberg) Why Best Buy stock got a huge Amazon boost.2 drug stocks that broke out after an FDA nod.Analysts call for action on these 2 fast food stocks.
Data courtesy of Trade-Alert
Oil Notches 3-Year High
Oil trekked its way to a more than three-year high today, following an unexpected drop in U.S. crude supplies, as well as signs of soaring gasoline demand. May-dated crude ended up $1.95, or 2.9%, to finish at $68.47 per barrel.
A weaker dollar and a shaky session for stocks sent gold to its highest close in a week. June-dated futures finished up $4, or 0.3%, to settle at $1,353.50 per ounce.