"This morning, it was all about the worse-than-expected jobs report and the market's reaction," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The major indexes initially sold off in response to this poor economic news, but many buyers came in and bought the dip. By the end of the day, most broad-market indexes finished in the green or near breakeven." The Dow Jones Industrial Average (DJI), however, closed in negative territory for both the day and week.
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The Dow Jones Industrial Average (DJI - 16,437.05) spent the majority of the day in the red, and ended up closing 7.7 points, or roughly 0.1%, lower. For the week, the blue-chip index shed 0.2%. The Dow's 15 advancers were led by Microsoft Corporation's (NASDAQ:MSFT) gain of 1.4%, while Chevron Corporation (NYSE:CVX) paced the 15 decliners with a loss of 1.9%.
Although the S&P 500 Index (SPX - 1,842.37) stayed in negative territory for much of the session, as well, the index eventually came back to finish 4.2 points, or 0.2%, higher on the day. Meanwhile, the Nasdaq Composite (COMP - 4,174.66) advanced 18.5 points, or 0.4%. On a weekly basis, the SPX and COMP added 0.6% and 1%, respectively.
Elsewhere, the CBOE Volatility Index (VIX - 12.14) trekked steadily lower throughout the day, and was off 0.8 point, or 5.8%, by the closing bell. Week-over-week, the "fear gauge" dropped 11.8%.
A Trader's Take:
"After what would seem like terrible economic news, the market recovered quite well, for the most part," Bell continued. "After a lot of different intraday action during the past several sessions, the SPX finished slightly higher than where it started the week."
5 Items on Our Radar Today:
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