The DJIA traded on both sides of breakeven, but ended in the black despite Apple Inc.'s (AAPL) new low
The Dow Jones Industrial Average (DJIA) fell shortly after the open, as jobless claims hit a 14-month high, but stocks eventually regained steam to finish higher with crude oil prices. However, a record low for Apple Inc. (NASDAQ:AAPL) and an ugly day for biotech stocks pushed the Nasdaq Composite (COMP) lower. Meanwhile, traders weighed the latest Fed speak, with Kansas City Fed President Esther George opining that U.S. interest rates are too low, and Boston Fed President Eric Rosengren saying the Street "remains too pessimistic about the fundamental strength of the U.S. economy."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,720.50) traded on both sides of breakeven, but managed to pull out a 9.4-point, or 0.1%, win. Nike Inc (NYSE:NKE) led the 14 Dow winners with a 1.7% advance. AAPL paced the losers, falling 2.3%.
The S&P 500 Index (SPX - 2,064.11) wasn't as lucky, settling 0.4 point, or 0.02%, lower. The Nasdaq Composite (COMP - 4,737.33) also fell, giving back 23.4 points, or 0.5%.
The CBOE Volatility Index (VIX - 14.41) slid 0.3 point, or 1.9%.
5 Items on Our Radar Today:
- A federal judge sided with House Republicans by ruling the Obama administration's "Obamacare" financing methods are unconstitutional. Specifically, the judge said the executive branch is not authorized to reimburse insurance companies in the Obamacare marketplace without Congressional approval. (CNBC)
- In other political news, House Speaker Paul Ryan today met with presumptive Republican presidential nominee Donald Trump, in an effort to heal and unify the conservative party. However, Ryan still hasn't endorsed Trump as the party's nominee for November's election. (USA Today)
- The analyst note that sent General Electric Company (NYSE:GE) reeling.
- Why Weight Watchers International, Inc. (NYSE:WTW) was buzzing yet again.
- The latest retail earnings blunder.
Data courtesy of Trade-Alert
Commodities:
June-dated crude oil futures managed their third straight win today, after the International Energy Agency (IEA) gave a promising full-year demand outlook, while noting a drop in output from some of the world's top oil producers. At the close, June-dated crude was up 47 cents, or 1%, at $46.70 per barrel.
Gold futures declined as the dollar strengthened once again. Gold dated for June delivery ended the day down $4.30, or 0.3%, at $1,271.20 per ounce.
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