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The latest retail sales data and consumer sentiment index topped expectations
The Dow Jones Industrial Average (DJI) ended the day on a low note, closing with a modest loss and failing to touch any technical milestones. This, despite a number of encouraging economic reports. Meanwhile, the S&P 500 Index and Nasdaq Composite closed today's session higher. On a weekly basis, however, all three indexes managed modest gains to make it four consecutive weekly wins. Elsewhere, Virgin America Inc (NASDAQ:VA) soared in its public trading debut, while on the commodities front, crude and gold each had strong days.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,634.74) edged higher out of the gate, but settled with an 18.1-point, or 0.1%, loss. Sixteen of the Dow's 30 components ended higher, paced by a 2.5% advance at Cisco Systems, Inc. (NASDAQ:CSCO), while the other 14 gave up ground -- with Johnson & Johnson (NYSE:JNJ) and Visa Inc (NYSE:V) leading the way, down 0.8%. For the week, the DJI tacked on 0.2%.
The S&P 500 Index (SPX - 2,039.82) added a mere 0.49 point today, but rose 0.4% on the week. The Nasdaq Composite (COMP - 4,688.54) gained 8.4 points, or 0.2%, bringing its week-to-date rally to 1.2%.
The CBOE Volatility Index (VIX - 13.31) lost 0.5 point, or 3.5%, but maintained its foothold atop 13 for a third consecutive session. On a weekly basis, the market's "fear gauge" advanced 1.4%.
5 Items on Our Radar Today:
- Retail sales increased by a slightly wider-than-expected margin last month, rebounding from the disappointing September results that sparked a sell-off in stocks. Sales were especially strong at clothing retailers, furniture stores, and outlets for health and personal care items. (USA Today)
- Consumer confidence hit its highest level in more than seven years this month, according to the Thomson Reuters/University of Michigan preliminary sentiment index. The 89.4 reading outstripped even the most ambitious of economist estimates, heightening expectations for a strong holiday shopping season. (Bloomberg)
- A look at the big put ratio spread initiated on Herbalife Ltd. (NYSE:HLF).
- How these options traders placed winning bets on Akamai Technologies, Inc. (NASDAQ:AKAM), as shares rallied amid a potential partnership with Alibaba Group Holding Ltd (NYSE:BABA).
- Why BBRY has chosen to stay out of China ... for now.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude futures rallied on hopes the Organization of the Petroleum Exporting Countries (OPEC) will cut production; the cartel will meet later this month to discuss black gold's recent swoon. Specifically, December crude added $1.61, or 2.2%, to settle at $75.82 per barrel -- but still fell 3.6% on the week.
Gold surged to its highest price this month, helped by rising oil prices and a weaker dollar. By the close, the December-dated contract had added $24.10, or 2.1%, to settle at $1,185.60 per ounce. For the week, the malleable metal tacked on 1.4%.