"The jobs number came in much worse than expected, and it seemed like everyone felt the market could do nothing but go straight down," reported Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Well, after a brief sell-off before the market opened, the bulls bought the dip and yesterday's momentum continued in a big way to the upside." The Dow Jones Industrial Average (DJI) continued to fight its way into the green, closing with another triple-digit gain and finishing in positive territory for the week.
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The Dow Jones Industrial Average (DJI - 15,794.08) spent nearly all of today's session marching higher, ending with a gain of 165.6 points, or 1.1%, a chip-shot away from its intraday peak. On a weekly basis, the blue-chip index managed a 0.6% gain. All but one of the Dow's members advanced today, with The Boeing Company's (NYSE:BA) 3.6% gain leading the charge. The lone laggard was The Coca-Cola Company (NYSE:KO), down 0.2%.
The S&P 500 Index (SPX - 1,797.02) finished just shy of the round-number 1,800 mark, surging 23.6 points, or 1.3%, on the day. The Nasdaq Composite (COMP - 4,125.86) also advanced, adding 68.7 points, or 1.7%. The SPX rose 0.8% week-over-week, while the COMP moved up 0.5%.
The CBOE Volatility Index (VIX - 15.29) gave back 1.9 points, or 11.3%, and ended the week with a 16.9% deficit.
A Trader's Take:
"The strength in the dollar relative to the yen is getting a lot of attention recently, and once again corresponded with today's strength after the jobs report," noted Bell. "The cyclical sectors took a leadership role today, with technology and industrials sporting large gains."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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