The DJIA suffered a third consecutive loss thanks to losses in the tech sector
The Dow Jones Industrial Average (DJIA) fell for a third consecutive day, failing to hold on to a triple-digit gain. A brief jump in oil prices initially fueled the bulls, as did a huge gain for DuPont (NYSE:DD) amid big M&A news. However, as oil backpedaled and tech stocks slumped, the major indexes turned tail, with the S&P 500 Index (SPX) dropping further into negative year-to-date territory.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,492.30) explored a range of more than 360 points, but eventually slid 75.7 points, or 0.4%, with DuPont's (NYSE:DD) 11.9% gain not enough to make up for losses from 24 of the blue-chip components. AAPL and Nike Inc (NYSE:NKE) paced the losers, dropping more than 2% each.
The S&P 500 Index (SPX - 2,047.62) lost 16 points, or 0.8%. The tech-heavy Nasdaq Composite (COMP - 5,022.87) fell 75.4 points, or 1.5%, paring its year-to-date gains to just over 6%.
The CBOE Volatility Index (VIX - 19.61) added 2 points, or 11.4%, hitting its highest close more than three weeks.
5 Items on Our Radar Today:
- More than 120 students at Boston College have reportedly been infected with norovirus, linked to Chipotle Mexican Grill, Inc.'s (NYSE:CMG) latest food-borne illness outbreak. A spokesperson for Chipotle sent out an apology to those who were impacted, and the Boston restaurant in question has temporarily closed its doors. (CNBC)
- The Senate voted today to replace 2002's No Child Left Behind law, passing the motion 85 to 12. The legislation will return significant power to states to evaluate and control schools. The measure has already been approved in the House of Representatives, and President Obama has indicated that he will sign the bill. (MarketWatch)
- This retailer dropped on the charts after being fined $290,000 for mislabeling textile products.
- These two solar energy interests celebrated a revised M&A agreement.
- Nomura has high 2016 hopes for this social networking site.
Data courtesy of Trade-Alert
Commodities:
An unexpected decrease in U.S. oil stockpiles -- the first after 10 straight weeks of builds -- was not enough to pull the commodity higher. January-dated crude oil fell another 35 cents, or 0.9%, to close at $37.16 a barrel.
February gold futures managed a gain of $1.20, or 0.1%, to settle at $1,076.50 an ounce, as the U.S. dollar slipped against other major currencies again today.