Strong Retail Earnings Push Dow To Triple-Digit Win
The Dow stayed hot today, reversing this morning's premarket losses to nab a fifth-straight gain and third consecutive triple-digit win. It's also the blue-chip index's longest win streak since May 27. Meanwhile, the S&P 500 settled slightly above breakeven for a third-straight gain, while the Nasdaq logged a modest loss.
Upbeat quarterly results from the likes of Walmart (WMT) and Home Depot (HD) gave the retail sector a boost, with Target (TGT) enjoying a nice pop ahead of tomorrow's earnings call. A sharp drop in housing starts for July likely capped investor sentiment, though the Cboe Volatility Index (VIX) closed under 20 for the third day in a row.
The Dow Jones Average (DJI - 34,152.01) added 239.6 points or 0.7% for the day. Walmart (WMT) led the gainers, adding 5.1%. 3M (MMM) paced the laggards, falling 0.8%.
The S&P 500 Index (SPX - 4,305.20) rose 8.1 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,102.55) shed 25.50 points or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 19.69) rose shed 0.3 points or 1.4% for the day.
Oil Prices Log Worst Close Since January
Oil prices moved lower on Tuesday to notch their lowest close since January. Demand and recession fears, a potential Iran nuclear deal, and disappointing global economic data all weighed on black gold. September-dated crude lost $2.88, or 3.2%, to settle at $86.53 per barrel for the day.
Gold prices were also lower, marking their second-straight session in the red. Housing starts data pushed U.S. Treasury yields higher, dulling the precious metal. In turn, December-dated gold dropped $8.40, or 0.5%, to close at $1,789.70 an ounce.
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