U.S. stocks started the day deep in the red following a stunningly bad retail sales report , sparking murmurs of a potential recession. While the major indexes were able to pare much of the losses, traders were hit late in the day with news that President Donald Trump plans to declare a state of emergency to get funding for his border wall after signing the new spending deal that Congress is preparing to vote on. The Nasdaq was still able to grab a win on the day, but the Dow and S&P 500 closed below breakeven.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,439.39) gave back 103.9 points, or 0.4%. There were 12 Dow components to close in the black, and Cisco Systems ( CSCO ) was by far the top gainer, adding 1.9%. Pacing the 18 losers was Coca-Cola's ( KO ) 8.4% earnings slide.
The S&P 500 Index (SPX - 2,745.73) fell 7.3 points, or 0.3%, and the Nasdaq Composite (IXIC - 7,426.96) managed a 6.6-point, or 0.1%, victory.
The Cboe Volatility Index (VIX - 16.22) moved up 0.6 point, or 0.09%.
5 Items on our Radar Today
- The disappointing retail data from December prompted economists to slash fourth-quarter gross domestic product ( GDP ) estimates . Some economists are questioning the data, given its outlier quality compared to other recent economic indicators. ( CNBC )
- Former acting FBI Director Andrew McCabe sent shock waves across the country today after he told "60 Minutes" that the Justice Department considered invoking the 25th Amendment to remove President Trump from office. McCabe made the comments in an interview set to air on Sunday. ( USA Today )
- Inside a 7-figure options bet on consumer staple stocks.
- 2 low-priced pharma stocks an analyst said to buy.
- Today's big double upgrade on Exxon Mobil.
Data courtesy of Trade-Alert
More Tailwinds For Oil; Gold Dips
Oil prices enjoyed another positive session thanks to ongoing tailwinds from U.S.-China trade hopes and output cuts from major crude producers. March crude futures settled up 51 cents, or 1%, at $54.41 per barrel.
Gold prices moved lower today as the dollar strengthened. Gold for April delivery was down $1.20 at $1,313.90 per ounce by the close.