Dow Jones Industrial Average Surrenders Triple-Digit Lead; 'Fear Gauge' Spikes

The Dow Jones Industrial Average (INDEXDJX:DJI) experienced another volatile session today, trading in a nearly 360-point range before settling near session lows. Looking more closely, stocks headed south out of the gate amid ongoing troubles in Russia, but upward moves by a pair of blue-chip components led the Dow to a triple-digit gain by midday. Nevertheless, the pendulum ultimately swung back in the bears' favor in a big way, as stocks settled decisively south of breakeven. Meanwhile, crude ended its streak of four straight losing sessions. Looking ahead, traders are eagerly awaiting the latest Federal Open Market Committee (FOMC) policy statement, which hits the Street tomorrow afternoon.

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

• How Russia's economic crisis is weighing on this Internet search provider.
• Short-term option bulls continue to keep the faith in struggling Twitter Inc (NYSE:TWTR).
• A closer look at McDonald's Corporation's (NYSE:MCD) menu, as consumer preferences gradually shift.
• Plus ... Housing starts decline, Apple Inc. (NASDAQ:AAPL) reacts to the ruble, and call buyers target this energy name.

The Dow Jones Industrial Average (DJI - 17,068.87) skidded in the final hours of trading to close nearly 112 points, or 0.7%, lower. Twenty-three of the Dow's 30 components finished with a loss, led by Microsoft Corporation's (NASDAQ:MSFT) 3.2% drop. Boeing Co (NYSE:BA) was the top-performing Dow component once again, tacking on 1.8%.

The S&P 500 Index (SPX - 1,972.74) settled 16.9 points, or 0.9%, south of breakeven, due to eleventh-hour selling pressure. Worse yet, the Nasdaq Composite (COMP - 4,547.83) shed 57.3 points, or 1.2%.

The CBOE Volatility Index (VIX - 23.57) had a huge day, adding 3.2 points, or 15.4%, for its highest daily close since Oct. 16.

5 Items on Our Radar Today:

1. U.S. housing starts unexpectedly declined in November, but remained above a seasonally adjusted annualized rate of 1 million units, according to the Commerce Department. Permits likewise dropped 5.2%, representing the biggest single-month decline since January. (Reuters, via CNBC)
2. AAPL responded to ongoing fluctuations in the ruble by shuttering its online store in Russia. "Our online store in Russia is currently unavailable while we review pricing," an AAPL spokesperson said, while apologizing for the inconvenience. (Bloomberg)
3. Exxon Mobil Corporation's (NYSE:XOM) bounce off an annual low didn't go unnoticed by option bulls.
4. Three large-cap stocks that drew the ire of analysts.
5. A nearly 11-year high had traders paying a stiff premium for upside bets on this semiconductor developer.

For a look at today's options movers and commodities activity, head to page 2.

Commodities:

Following a volatile session, crude found itself slightly higher, snapping a streak of four consecutive losing sessions. By day's end, January-dated oil was up 2 cents, or less than 0.1%, to rest at $55.93 per barrel.

Gold pared early gains to settle lower, as expectations grew for a potentially hawkish policy statement from the FOMC tomorrow. By the close, the February-dated contract was down $13.40, or 1.1%, at $1,194.30 per ounce.