Dow Snaps Win Streak as Stocks Slide
Although the Dow Jones Industrial Average (DJIA) hit a fresh record high early on, the blue-chip index snapped its seven-session run of record closes and nine-day win streak. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) struggled as well, as Apple stock extended its slide and traders considered a potential December rate hike following yesterday's Fed announcement. Meanwhile, gold suffered its worst day in months, while the CBOE Volatility Index (VIX) closed below 10 for the second straight day.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 22,359.23) managed to hit an all-time high of 22,419.51, but retreated from there, ending down 53.4 points, or 0.2%. Just 10 of the Dow's 30 components closed with gains, with General Electric and its 1.8% rise at the top of the list. The biggest loss came from Procter & Gamble at 1.9%.
The S&P 500 Index (SPX - 2,500.60) closed down 7.6 points, or 0.3%, but held the 2,500 level. The Nasdaq Composite (COMP - 6,422.69) fell 33.4 points, or 0.5%.
The CBOE Volatility Index (VIX - 9.67) shed 0.1 point, or 1.1%, for its lowest close since July 26.
5 Items on Our Radar Today
President Trump has signed an executive order that aims to cut off funding to North Korea's nuclear ambitions. He also noted that Chinese banks have been instructed to strictly enforce U.N. sanctions on North Korea. (CNBC) Reuters is reporting that the Department of Homeland Security detected "critical" weaknesses in the Securities and Exchange Commission's (SEC) cybersecurity measures as early as January. The agency said yesterday it discovered in August a breach from 2016 that may have been used for insider trading. (Reuters)2 healthcare stocks that could hit record highs. Why Transocean stock sold off today. Put players continued to pound Equifax stock.
Data courtesy of Trade-Alert
Commodities
Oil prices pulled back today, ahead of tomorrow's committee meeting of the world's top oil producers. November-dated crude futures fell 14 cents, or 0.3%, to close at $50.55 per barrel.
Gold had its worst day in months today, as rate-hike expectations weighed on the precious metal. December-dated gold gave back $21.60, or 1.6%, to end at $1,294.80 per ounce.