The Devil’s in the Details: Dow Gains 110 Points as OPEC Nears Oil Agreement
September 28, 2016 at 18:21 PM EDT
It was a nothing day--until word spread that OPEC was seriously considering capping oil production . Then it was off to the races. The S&P 500 0.5% to 2,171.37 today, while the Dow Jones Industrial Average gained 110.94 points, or 0.6%, to 18,339.24. The Nasdaq Composite advanced 0.2% to 5,318.55. The S&P 500 was down 0.04% at 2:10 p.m. today, before the OPEC announcement. Why the discrepancy in index performance? Chalk it up to energy exposure. While the SPDR Dow Jones Industrial Average ETF ( DIA ) has 7% of its portfolio in energy stocks, and the SPDR S&P 500 ETF ( SPY ) has 7%, the PowerShares QQQ ( QQQ ) has no energy exposure. RBS strategist Brian Daingerfield and team argue that when it comes to an OPEC agreement , "the devil is in the details." They explain:
