Today, the Dow Jones Industrial Average
Why the Dow moved today
There were a number of causes for the Dow's moves today, but I'd like to point out three in particular.
First the ADP jobs report, which was released this morning, indicated that U.S. private-sector jobs increased by 162,000 in September. Although these numbers look great, the ADP report seems to be flawed. The reports issued by the U.S. Department of Labor often widely vary from what ADP publishes. The Labor Department will release its report on Friday.
Another event that moved the Dow was Hewlett-Packard's
Chipmaker Intel (Nasdaq: INTC ) also ended the day lower, down 1.27%. The fall started in the second half of the day, shortly after HP's slide began. Intel's chips are used in about 80% of PCs; therefore, when the CEO of one of the world's largest PC makers issues lower guidance and expresses concerns of a long, slow recovery, these shares are going to get hit.
The third market mover was the U.S. Energy Information Administration's weekly Petroleum Status Report. While the report stated that inventories were lower by 500,000 barrels from the previous week, it also contained indications that oil demand is slowing. Over the past four weeks, motor gasoline supplies average 8.7 million barrels a day, representing a 2.5% decrease from the same period last year. Distillate fuel is also down, seeing a 4.5% decrease from the same period last year. On the news, Chevron
These events and many more moved the Dow today, and while the presidential debate tonight may have an effect on the markets tomorrow, the election undoubtedly will. To find out which stocks will be affected depending on who wins, grab our free article. Don't wait; the elections are just around the corner, so click here.
Fool contributor Matt Thalman holds no financial positions in any company mentioned above. The Motley Fool owns shares of ExxonMobil and Intel. Motley Fool newsletter services have recommended buying shares of Intel and Chevron. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.