The Dow still finished in the red, though
Despite heavy early selling and more weakness in Treasury yields, U.S. stocks managed to pare a large chunk of their losses by the close today, with the S&P 500 and Nasdaq rallying all the way back to finish the day in positive territory. The Dow traded down almost 600 points at its session lows, as fears about the health of the global economy kept buyers on the sidelines. Instead, the appetite for "safe haven" assets like gold stayed strong, though the VIX finished the day in the red.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,007.07) came up just shy of a win today, closing down 22.5 points, or 0.1%, with 13 Dow components closing in the black. Walgreen Boots Alliance (WBA) led the way with a 2% gain, and the 17 losers were paced by Walt Disney's (DIS) 4.9% decline after earnings.
The S&P 500 Index (SPX - 2,883.98) picked up 2.2 points, or 0.1%, and the Nasdaq Composite (IXIC - 7,862.83) added 29.6 points, or 0.4%.
The Cboe Volatility Index (VIX - 19.49) fell 0.7 point, or 3.4%.
5 Items on our Radar Today
- More retailers are announcing that they're closing stores, as brick-and-mortar retail continues to struggle in 2019. Most notably, Walgreen Boosts Alliance (WBA) said it's closing 200 stores in the U.S. (CNBC)
- Twitter (TWTR) last night said that the company may have accidentally shared user data without permission. Twitter in a blog post said certain settings "may not have worked as intended," giving advertisers access to more data. (TechCrunch)
- How Tinder took MTCH shares to new highs.
- 2 Dow stocks that could bounce back fast.
- In case you missed it, our Senior Quantitative Analyst provided data on how to trade the sell-off.
Data courtesy of Trade-Alert
Oil Prices Hammered Again
Oil prices were hammered again today on fears about the global economy and a surprise increase in domestic crude inventories. September crude futures fell $2.54, or 4.7%, to $51.09 per barrel. Since their April peak, oil prices have dropped more than 20% -- into bear-market territory.
Gold logged another strong session, rising to fresh six-year highs. December-dated gold was up $35.40, or 2.4%, to end at $1,519.60 an ounce. Elsewhere, silver enjoyed its best day in three years, with the September contract jumping 75.1 cents, or 4.6%, to settle at $17.196 per ounce.