Dow Closes Higher After Huge Intraday Reversal
The blue-chip index was down 400 points before noon
The Dow was down almost 400 points in early trading, briefly dipping below the 200-day moving average, as trade tensions weighed. However, the blue-chip index managed to erase these losses by the close with a big day from Boeing (BA) powering the comeback -- while helping the Dow snap its four-day losing streak. The S&P 500 and Nasdaq also experienced whipsaw price action, though these benchmarks settled in negative territory. Of course, this volatile trading comes ahead of the highly anticipated nonfarm payrolls report for April, due out tomorrow morning.
Continue reading for more on today's market, including:
The Dow stock freshly below a key trendline after a nasty bear note. It could be time to buy calls on this retail stock's dip.Call buyers blasted this video game stock amid a volatile day for Activision Blizzard.Plus, a surging software stock; betting on a Pure Storage bounce; and Spotify's post-earnings price action.The Dow Jones Industrial Average (DJI - 23,930.15) bottomed at a nearly 400-point deficit just before noon ET, but the index finished up 5.2 points, or 0.02% -- and back above the 200-day moving average. Of the 30 Dow components, just 11 closed in positive territory. BA led the winners with a 2% rise. Meanwhile, Nike was the biggest loser, sliding 2%.
The S&P 500 Index (SPX - 2,629.73) shed 5.9 points, or 0.2%, and the Nasdaq Composite (IXIC - 7,088.15) closed down 12.8 points, or 0.2%.
After topping a one-week high in intraday action, the Cboe Volatility Index (VIX - 15.90) closed down 0.1 point, or 0.4%.
5 Items on Our Radar Today
Rapper Jay-Z has been asked to appear at a court hearing for a Securities and Exchange Commission (SEC) investigation next week. The case involves Iconix Brand Group (ICON), which paid Jay-Z more than $200 million for intangible assets related to his Rocawear brand. (USA Today)The Trump-Stormy Daniels saga took another turn today, after President Donald Trump on Twitter admitted to knowing his lawyer Michael Cohen paid the adult-film actress $130,000. Trump previously said he didn't know about the payment when it happened. (Reuters)Software stock rallies after earnings, flurry of bull notes. Betting on a Pure Storage (PSTG) stock bounce. A look back at Spotify's first post-earnings performance.
Data courtesy of Trade-Alert
Gold Snaps Losing Streak After Fed Decision
Oil prices rose again today, as traders considered the impact of a potential U.S. withdrawal from the Iran nuclear agreement. June-dated crude futures added 50 cents, or 0.7%, and closed at $68.43 per barrel.
Gold prices snapped a three-day losing streak, maintaining momentum after the Fed held rates steady yesterday. The June contract finished up $7.10, or 0.5%, at $1,312.70 per ounce.