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The White House revealed plans to boost advanced manufacturing in the U.S.
Following a strong performance last week, the Dow Jones Industrial Average (DJI) ended Monday with a modest gain, despite opening the session in the red. Data out of Europe -- including a nearly two-year low in German business confidence -- initially weighed on trader confidence, but was counterbalanced by a generally strong fundamental picture Stateside. Meanwhile, all eyes are on the Federal Reserve, which kicks off its two-day policy-setting meeting tomorrow.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,817.94) plunged roughly 76 points just out of the gate, but fought back during the afternoon hours to end 12.5 points, or 0.1%, higher. Half of the DJI's 30 components ended with gains, led by Verizon Communications Inc. (NYSE:VZ), which tacked on 1.3%. Conversely, Merck & Co., Inc. (NYSE:MRK) paced the blue-chip index's 15 decliners with a 2% loss, due to a poorly received earnings report.
After spending time on both sides of the flatline, the S&P 500 Index (SPX - 1,961.63) gave back a modest 3 points, or 0.2%, while the Nasdaq Composite (COMP - 4,485.93) closed 2.2 points, or 0.1%, higher.
The CBOE Volatility Index (VIX - 16.04) slipped 0.1 point, or 0.4%, but closed atop 16 for the 13th consecutive session.
5 Items on Our Radar Today:
- President Barack Obama issued new executive actions designed to accelerate and improve advanced U.S. manufacturing output. The coordinated effort includes $300 million in investments from the Departments of Agriculture, Defense, and Energy in key areas identified by the Advanced Manufacturing Partnership, as well as an American Apprenticeships Grant Competition worth $100 million from the Department of Labor. (FOX Business)
- Several American soldiers leaving Liberia have been placed in a controlled facility in Italy to be monitored for signs of Ebola. So far, the military personnel haven't showed any symptoms of the deadly virus -- though they'll spend a total of three weeks at the facility as a precaution. (MarketWatch)
- Skeptical options traders rolled the dice on round-number resistance for BABA, at the elusive century mark.
- Despite struggling in 2014, this luxury designer was targeted by option bulls ahead of its earnings report tomorrow morning.
- Transocean LTD (NYSE:RIG) spiraled lower today, thanks to yet another bearish note from Wall Street.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude hit a 28-month low today after Goldman Sachs lowered its 2015 pricing forecasts, citing concerns over excessive supply and sagging demand. However, by the close, December-dated crude had partially recovered, ending just a penny lower at $81 per barrel.
Meanwhile, gold moved south, as traders expressed caution ahead of upcoming earnings and economic data -- including Wednesday's policy decision from the Federal Open Market Committee (FOMC). The December-dated contract lost $2.50, or 0.2%, to settle at $1,229.30 per ounce.