Market Recap

Dow Secures Triple-Digit Gain as Employment Data Looms

Crude futures notch first positive close of 2014

by 1/7/2014 4:21:11 PM
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"The best thing about today's market was the fact that the major indexes rebounded, snapping three days of consecutive losses in the S&P 500 Index (SPX)," noted Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The technology sector drove today's action, as high-momentum solar and disk-drive names outperformed." Meanwhile, investor optimism ahead of this week's employment data helped lead the Dow Jones Industrial Average (DJI) to a triple-digit advance.

Continue reading for more on today's market, including:

    The trade gap narrowed in November, Janet Yellen was confirmed as the next chair of the Federal Reserve, and Netflix, Inc. (NASDAQ:NFLX) faltered on some negative analyst attention.

The Dow Jones Industrial Average (DJI - 16,530.94) shot higher out of the gate -- and remained in the green for the entire day -- before finishing 105.8 points, or 0.6%, higher. The blue-chip bellwether's 24 advancers were led by UnitedHealth Group Inc.'s (NYSE:UNH) 3.1% gain, while JPMorgan Chase & Co. (NYSE:JPM) paced the six laggards with a drop of 1.2%.

The S&P 500 Index (SPX - 1,837.88) also spent the day north of breakeven, and tacked on 11.1 points, or 0.6%, by the closing bell. Meanwhile, the Nasdaq Composite (COMP - 4,153.18) advanced 39.5 points, or 1%.

Elsewhere, the CBOE Volatility Index (VIX - 12.92) stumbled at the start of the session, and ended 0.6 point, or 4.7%, lower on the day.



5 Items on Our Radar Today:

  1. The Commerce Department said the U.S. trade deficit unexpectedly contracted by 12.9% to $34.3 billion in November, marking the narrowest gap since October 2009. The latest figure was largely due to a 0.9% rise in exports, reaching the highest level ever recorded. (Reuters)
  2. After a 56-26 vote last night, Janet Yellen became the first woman confirmed to lead the Federal Reserve. The former vice chair will take the reins from Ben Bernanke -- the current chair of the central bank -- at the end of January. (CNNMoney)
  3. Netflix, Inc. (NASDAQ:NFLX) took a bit of a tumble, after the stock received a bearish brokerage note in pre-market action.
  4. Bearish speculators predicted continued losses for J.C. Penney Company, Inc. (NYSE:JCP) through the end of the week.
  5. NVIDIA Corporation (NASDAQ:NVDA) continued to rise amid buzz surrounding a new graphics chip, and attracted a crop of longer-term bulls.

For a look at today's options movers and commodities activity, head to page 2.

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