Dow, S&P 500 Pivot Lower In Final Hour Of Trading

Fresh off its worst session in three weeks, the Dow gave back modest gains in the last minute to finish lower. "Reopening" stocks led the initial charge, though the blue-chip index and S&P 500 pivoted sharply from their session highs in late-afternoon trading, to both finish marginally in the red.

Elsewhere, the Nasdaq also logged a day in the red, as Big Tech names like Apple (AAPL) and Microsoft (MSFT) underperformed. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged back-to-back wins for the first time since March 4, as the global tally of coronavirus cases crosses 124 million. 

The Dow Jones Industrial Average (DJI - 32,420.06) fell 3.1 points today. Oil-and-gas giant Chevron (CVX) topped the list of Dow components with a 2.7% rise, while Nike (NKE) fell 2.9% to pace the 15 laggards.

Meanwhile, the S&P 500 Index (SPX - 3,889.14shed 21.4 points or 0.6% for the day. The Nasdaq Composite (IXIC - 12,961.89lost 265.8 points or 2% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.20) rose 0.9 points, or 4.4%, on the day.

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Oil, Gold Join the Rally 

Oil prices bounced back in today's trading, with black gold inching higher in response to the Suez Canal ship that has run aground, and the prospect that delayed shipments could give prices a shot in the arm. In response, May-dated crude added $3.42, or 5.9%, to settle at $61.18 per barrel.

Gold prices joined the party too, gaining despite a rising dollar and bubbling 10-year Treasury yields.  April-dated gold tacked on $8.10, or 0.5%, to settle at $1,733.20 an ounce.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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