The DJIA surrendered a huge lead, even as crude futures topped $40 per barrel
The
Dow Jones Industrial Average (DJIA) was up more than 150 points at its session high, as
stocks followed the lead of crude futures, which finished north of $40 per barrel. However, the Dow and its index peers reversed course by the close, perhaps signaling caution ahead of
Alcoa Inc's (NYSE:AA) unofficial start to earnings season.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,556.41) gave up 20.6 points, or 0.1%, to end near a session low, with Nike Inc (NYSE:NKE) leading the 19 laggards, shedding 2.5%. Goldman Sachs Group Inc (NYSE:GS) paced the advancing minority with a 1.3% gain.
The S&P 500 Index (SPX - 2,041.99) lost 5.6 points, or 0.3%, to fall back into the red year-to-date, while the Nasdaq Composite (COMP - 4,833.40) ended 17.3 points, or 0.4%, lower.
The CBOE Volatility Index (VIX - 16.26) climbed 0.9 point, or 5.9%, for its highest close since March 15.
5 Items on Our Radar Today:
- Tesla Motors Inc (NASDAQ:TSLA) voluntarily recalled 2,700 of its Model X SUVs, after discovering that the third-row back seat can fail in the event of an accident, due to a faulty hinge. The company said that there are currently no known incidents, but the possibility of a seat collapse was identified during a crash test. (CNBC)
- Following in the footsteps of many other financial giants, Goldman Sachs Group Inc (NYSE:GS) has agreed to pay more than $5 billion to settle claims relating to misleading mortgage bond investors in the financial crisis, which resulted in billions of dollars in losses for investors. The settlement will include funds for homeowners who bought properties they could not afford, including mortgages that exceeded the properties' values. (Reuters)
- The Barron's article that sparked a Seagate Technology PLC (NASDAQ:STX) rally.
- What led this drugmaker to hit a yearly low?
- Can Under Armour Inc (NYSE:UA) shake off today's setback?
There were no earnings reports of note today.
Data courtesy of Trade-Alert
Commodities:
Oil continued to rally today, with May-dated crude adding $0.64, or 1.6%, to settle at $40.36 a barrel -- its highest close in nearly three weeks. Traders continue to hope that a meeting between oil producers next Sunday will lead to a production freeze, which could keep crude prices moving higher.
Meanwhile, gold enjoyed its best day in two weeks, thanks to a weaker dollar. Gold for June delivery finished the day up $14.20, or 1%, at $1,258.00 an ounce.
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