Dow Drops With Oil, But Logs Best Week Since March
The DJI couldn't capitalize on strong Disney earnings
The Dow dropped over 200 points today, despite an impressive earnings beat from Walt Disney (DIS). Lackluster data out of China weighed on stocks, and traders also watched as oil prices slipped further into bear market territory. In fact, black gold dropped for a 10th straight session, marking its longest losing streak in over 30 years. Meanwhile, the S&P and Nasdaq also retreated, with industrial and tech stocks taking a hit. However, all three indexes finished the week comfortably higher, with the Dow enjoying its best one-week gain since March.
Continue reading for more on today's market, including:
25 stocks to watch after the Fed meeting. A stream of negative headlines took down this FAANG stock. Plus, analysts downgrade Albemarle stock; the best retail stock for the holidays; and an "attractive entry point" for one biotech.The Dow Jones Industrial Average (DJI - 25,989.30) plummeted 201.9 points today, or 0.8%. Eleven of the 30 Dow stocks ended higher, led by Walt Disney's (DIS) 1.7% gain. Goldman Sachs (GS) finished at the bottom of the list, dropping 3.9%. For the week, the Dow gained 2.8%.
The S&P 500 Index (SPX - 2,781.01) sank 25.8 points, or 0.9%, while the Nasdaq Composite (IXIC - 7,406.90) once again suffered the biggest loss, dropping to 124 points, or 1.7%. The S&P and Nasdaq added 2.1% and 0.7%, respectively, this week.
The Cboe Volatility Index (VIX - 17.36) added 0.6 point, or 3.8%. For the week, the VIX fell 10.8%.
5 Items on our Radar Today
Construction of the Keystone XL oil pipeline was interrupted today by U.S. District Court Judge Brian Morris, who said that a full analysis of the TransCanada project's effect on the environment "fell short of a 'hard look." The news weighed on shares of Canadian oil producers. (CNBC)Sears announced even more stores willclose in February 2019. The firm -- which filed Chapter 11 last month -- will shutter 40 additional Sears and Kmart locations, with liquidation sales beginning next week. (Market Watch)Analysts slashed price targets on Albemarle stock after Chile update. This is the best retail stock during the holiday season, historically. Analysts: Buy the dip on this biotech stock.
Data courtesy of Trade-Alert
Oil Drops Deeper Into Bear Market Territory
Oil prices spiraled even further today, logging a 10th straight loss -- the longestlosing streak seen since 1984, per Dow Jones. Oil for December delivery dropped 48 cents, or 0.8%, to settle at $60.19 a barrel, and gave back 4.7% for the week.
Gold prices continue to decline, falling to a one-month low today, as the dollar gained ground. December-dated gold futuresfell $16.50, or 1.4%, to settle at $1,208.60 an ounce. For the week, gold dropped 2%.