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Stock market today, Oct. 10, 2014: U.S. stock markets continued their downward spiral today (Friday). The sell-off accelerated in the final hour of trading, with the Dow Jones Industrial Average slipping another 115 points. This was the worst week for both the S&P 500 and the Nasdaq since May 2012. The S&P Volatility Index (VIX) jumped another 13%, finishing one of the most volatile trading weeks of 2014.
West Texas Intermediate crude oil prices remained flat on the day, finishing at $85.80. Brent crude oil prices gained late in the day to finish at $90.17 per barrel; however, earlier in the trading session, the price hit $88.11, its lowest since December 2010.
Here's the scorecard from today's trading session:
Dow: 16,544.10, -115.15 (-0.69%)
S&P 500: 1,906.15, -22.06 (-1.14%)
Nasdaq: 4,276.24, -102.10 (-2.33%)
Now, here's a breakdown of the top stories from the stock market today:
- Some Good News: Shares of beverage giant The Coca-Cola Co. (NYSE: KO) rose more than 1.5% on the day, lifting the consumer staple sector on the day. The stock hit a record close on the day. The company received a "Buy" rating from Bank of America Corp. (NYSE: BAC) earlier today. Rival PepsiCo Inc. (NYSE: PEP) was up 1.1% on the day.
- Tech Slump: Shares of electric automaker Tesla Motors Co. (Nasdaq: TSLA) slipped by more than 7.8%, a day after company Chief Executive Officer Elon Musk introduced the company's new D Model. The company also announced it is fighting new legislation in Michigan that would prevent it from selling its cars directly to consumers, avoiding the dealer sales model.
- A Nice Debut: Restaurant and arcade chain Dave & Buster's Entertainment Inc. (Nasdaq: PLAY) saw its shares rise more than 7% during its debut today. The company initially priced shares at the low end of its $16 to $18 range. The company said it will use the $94 million raised during the IPO to pay down its debts.