Uncertainty surrounding the House healthcare vote pressured the Dow, SPX, and COMP to their worst week in months
It was a whipsaw trading session, with the Dow Jones Industrial Average (DJIA) exploring a 188-point range on both sides of breakeven. While the Dow appeared set for a triple-digit loss, reports that President Donald Trump asked House Speaker Paul Ryan to pull the vote on the healthcare bill to replace Obamacare shortly before the close had stocks coming off session lows. Nevertheless, the Dow dropped for a seventh consecutive session, capping its worst week since before the U.S. presidential election. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) likewise suffered their sharpest weekly losses since November and December, respectively. Amid the sell-off in stocks, the CBOE Volatility Index (VIX) had its best week of the year -- snapping its relatively rare streak of weeks without a move of 10% or more.
Continue reading for more on today's market, including:
- 2 oil stocks that could storm higher in April, if past is prologue.
- Analyst: The "bottom has formed" on Under Armour stock.
- How we helped CME Group options traders score a 200% profit.
- Plus, explaining the VIX options hype; 4 Dow stocks to buy; and a red-hot healthcare stock.
The Dow Jones Industrial Average (DJIA - 20,596.72) fell 59.9 points, or 0.3%, bringing its weekly loss to 1.5% -- the worst since September. Just nine blue-chip stocks advanced, with Nike leading the pack on a 1.8% surge. Goldman Sachs stock was the worst of the 21 losing blue chips, down 1.5%.
The S&P 500 Index (SPX - 2,343.98) dipped 2 points, or nearly 0.1%, bringing its weekly deficit to 1.4%. However, the Nasdaq Composite (COMP - 5,828.74) battled back late for a win of 11.1 points, or 0.2%, but still dropped 1.2% on the week.
The CBOE Volatility Index (VIX - 12.96) slid 0.2 point, or 1.2%, but broke out for a 14.9% weekly gain -- and its highest weekly close since Dec. 30.
5 Items on Our Radar Today
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AMC Networks plans to launch a commercial-free
internet streaming service, according to sources. The plan will be open to customers who already have a cable TV package, and could cost an additional $4.99-$6.99 per month.
(Fortune)
-
Pipeline owner True Companies said a December
oil spill in North Dakota was three times larger than estimated. A spokesperson for the firm said roughly 80% of cleanup has been completed.
(Reuters)
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- Why this healthcare stock shot 150% higher.
Data courtesy of Trade-Alert
Commodities
Oil snapped a four-session losing streak today, but was still down 1.7% for the week, as the Organization of the Petroleum Exporting Countries (OPEC) and its fellow producers gather this weekend to discuss the impact of their output cuts. May-dated crude futures added 27 cents, or 0.6%, at $47.97 per barrel.
Gold advanced amid ongoing weakness in the dollar and stocks, capitalizing on "safe haven" appeal. Specifically, April-dated gold tacked on $1.30, or 0.1%, to close at $1,248.50 per ounce. Relative to last Friday's settlement, gold was up 1.5%.
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