Stocks Drop But Manage Monthly Gains
Stocks continued to suffer despite respectable GDP data
Stocks were unable to recover from the conclusion of futile U.S.-North Koreatalks, with the major market indexes ending lower despite better-than-anticipated fourth-quarter gross domestic product (GDP) data. In addition, weak factory data out of China weighed on stocks. As such, the Dow and S&P each suffered a third straight loss, but -- along with the Nasdaq -- snagged a monthly win.
Continue reading for more on today's market, including:
An SEC investigation slammed this healthcare stock.This penny stock gapped higher on FDA news. 2 drug stocks that got destroyed today.Plus, the ETF attracting attention amid India-Pakistan conflict; Tesla teases a big reveal; and Victoria's Secret sales disappoint.The Dow Jones Industrial Average (DJI - 25,916.00) shed 69.2 points, or 0.3%, on the day. Fourteen of 30 Dow components closed in the black. At the top for the second day in a row was Boeing (BA), which added 1%, while UnitedHealth (UNH) fared the worst and shed 3.1%. For February, the Dow added 3.7%.
The S&P 500 Index (SPX - 2,784.49) fell 7.9 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,532.53) sank 22 points, or 0.3%. Looking at the month, the indexes added 3% and 3.4%, respectively.
The Cboe Volatility Index (VIX - 14.78) tacked on 0.08 point, or 0.5%. For the month, the VIX shed 10.8%.
5 Items on our Radar Today
A report out of Reuters stated Apple (AAPL) has laid off 190 employees from its self-driving car sector, adding yet another blow to its automobile endeavor. Most layoffs were reportedly hardware and software engineers. (MarketWatch)The Census Bureau released housing data that showed 64.8% of all Americans are homeowners -- an almost five-year high. Generation X is at the forefront, as buyers in their mid-30s and 40s step back into the housing market after the 2008 crash. (Bloomberg)Tensions with Pakistan fueled accelerated volume onthis Indian ETF.Tesla was named a top pick ahead of a 5 p.m. announcement from Elon Musk. L Brands stock sank on disappointing Victoria's Secret sales.
Data courtesy of Trade-Alert
Crude Ends February With Big Gain
April crude closed higher as investors continue to digest yesterday's surprise inventories drop. Oil added 28 cents, or 0.5%, to settle at $57.22 per barrel on the day. For the month, crude added more than 6%.
Gold fell as GDP data surpassed estimates, and as the dollar gained ground. April-dated gold sank $5.10, or 0.4%, to close at $1,316.10 per ounce -- a two-week low. For February, the precious metal suffered a 0.7% loss.