Once again, the DJIA gave up strong gains and closed in the red
It was another choppy day for the
Dow Jones Industrial Average (DJIA), as the blue-chip index swung between positive and negative territory once again. Wall Street eyed Fed Chair
Janet Yellen's comments on the global economy, and another drop in oil -- on top of a negative earnings reaction for
Walt Disney Co (NYSE:DIS) -- tipped the scales in the bears' favor. However, the
Nasdaq Composite (COMP) managed to eke out a gain, thanks to big days for the infamous "FANG" stocks. Looking ahead, Yellen will present on Capitol Hill again tomorrow, while weekly jobless claims are set for release.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 15,914.74) gave up an early triple-digit lead and fell 99.6 points, or 0.6%, to breach 16,000. Just 10 of the Dow's 30 components closed with gains, led by Nike Inc (NYSE:NKE), which closed 3.1 higher. The biggest loss came from DIS' 3.8% decline.
The S&P 500 Index (SPX - 1,851.86) dropped 0.4 points, or 0.02%. The Nasdaq Composite (COMP - 4,283.59), meanwhile, outperformed with a 14.8-point, or 0.4%, advance.
The CBOE Volatility Index (VIX - 26.29) gave back 0.3 point, or 0.9%.
5 Items on Our Radar Today:
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During her testimony in front of Congress today, Fed Chair Janet Yellen admitted that deteriorating financial conditions could
"weigh on the outlook for economic activity," but also waxed optimistic on recent employment trends. Yellen went on to say the Fed remains data-dependent, and thus currently undecided, about the timing of future rate hikes. (
USA Today)
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After a disappointing performance in New Hampshire's primary, New Jersey Governor Chris Christie is expected to
end his bid for the Republican nomination. The expected decision comes after Mr. Christie finished sixth in the state's primary vote on Monday. Meanwhile,
Carly Fiorina dropped out of the race, announcing the decision via Twitter. (
Politico;
MarketWatch)
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Staples, Inc. (NASDAQ:SPLS) finally got the news it'd been waiting to hear.
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The best way to trade Presidents Day.
Data courtesy of Trade-Alert
Commodities:
Oil futures were in the black following an unexpected drop in domestic crude inventories, but concerns about a global supply glut eventually prevailed. At the close, March-dated crude was down 49 cents, or 1.8%, at $27.45 per barrel, marking a fifth straight loss.
Gold futures cooled off after their recent rally, following Yellen's uncertain view on future interest-rate hikes. Gold for April delivery fell $4, or 0.3%, to $1,194.60, its first loss in six sessions.