Market Recap

Market Recap: Stocks Rally on Solid Domestic Data, Facebook IPO Buzz

The DJIA and SPX gained 0.7% and 0.9%, respectively, while the COMP added 1.2%

by 2/1/2012 4:30:41 PM
Stocks quoted in this article:
Fresh off their impressive January gains, U.S. stocks jumped higher in early trading today, and maintained their positive momentum throughout the session. Traders were abuzz even before the markets opened, as a couple of well-received manufacturing reports from the euro zone -- along with persistent rumors that Facebook may soon file an IPO -- sparked the bullish flames. As the day carried on, Wall Street also applauded an in-line payrolls report from ADP, and a steeper-than-predicted climb in construction spending. As the first session of February came to a close, all three major market indexes finished with solid gains, with the Nasdaq Composite (COMP) leading the way with a 1.2% jump.



The Dow Jones Industrial Average (DJIA 12,716.46) rallied as high as 12,784.62 in early trading, before paring its lead and finishing with a healthy gain of 83.55 points, or 0.7%. Among the Dow's 30 components, McDonald's (MCD) led the three laggards, giving up 0.7%. Conversely, Bank of America (BAC) paced the bullish majority by tacking on 3.2%.

The S&P 500 Index (SPX 1,324.08) touched an intraday acme of 1,330.52, but cut its gain to 11.7 points, or 0.9%, by the time the dust settled. Finally, the Nasdaq Composite (COMP 2,848.27) fared the best of its peers today, adding 34.4 points, or 1.2%. Earlier, the tech-rich index peaked at 2,855.73. Today marked the COMP's highest close since July 22.

Turning to equities in focus, (AMZN) spiraled lower after its fourth-quarter revenue fell short of analysts' predictions ... Dendreon (DNDN) announced the arrival of its new CEO ... Wall Street applauded AOL's (AOL) fourth-quarter earnings ... Corinthian Colleges (COCO) saw a spike in post-earnings call volume ... IAC/InterActive (IACI) surged to an earnings-induced all-time high ... and today's Quote of the Day comes from Jackie Russell, a retired school administrator from Los Angeles. In response to customer demand, companies like Starbucks (SBUX) and Peet's Coffee and Tea (PEET), as well as several high-end coffee houses, are now offering a light-roasted brew, which is said to bring out the nuances of the bean. For Russell and many other dark-roast detractors, it's a welcome substitute for a bitter morning brew:

"It's really just a terrible taste to me. It almost tastes like something that has burned."

But these weren't the only headlines hitting the Street today. Click on the links below for our blog coverage of:

And, in case you missed it, today's installment of Inside Options explored the advanced spread strategy known as the short straddle. Click here to watch the video.

For today's activity in crude oil, gold futures, options, and more, turn to page 2.

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