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Dow Jones Industrial Average Soars 186 Points, Erases Weekly Loss

The DJI rallied on reports that Russia has ended exercises near the Ukraine border

by 8/8/2014 4:18:53 PM
Stocks quoted in this article:

The major market indexes stair-stepped steadily higher today, with Wall Street taking the glass-half-full approach to conflicts overseas. While the U.S. launched airstrikes at Iraqi rebels, and Israel and Hamas wasted no time resuming rocket attacks, traders breathed a collective sigh of relief amid reports that Russian troops are backing away from the Ukraine border. By the close, the Dow Jones Industrial Average (DJI) was up triple digits and back into the black for the week.

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

Trading Topic of the Week -- Trading Stock Trends: Don't sweat the small stuff. When you're playing trends, it's important to remember that stocks don't move in straight up-and-down lines. There's no need panic out of the trade at the first hiccup in the share price.

The Dow Jones Industrial Average (DJI - 16,553.93) blazed a steady trail higher, ending near its session peak and clawing its way to a weekly gain of 0.4%. By the close, the index tacked on nearly 186 points, or 1.1%, as all but Microsoft Corporation (NASDAQ:MSFT) and Intel Corporation (NASDAQ:INTC) settled in the black. Leading the advancing majority was The Home Depot, Inc. (NYSE:HD), which added 2.4%.

The S&P 500 Index (SPX - 1,931.59) took a similar path, gaining 22 points, or 1.2%, to settle just off its intraday acme. The Nasdaq Composite (COMP - 4,370.90) tacked on 36 points, or 0.8%. For the week, the SPX added 0.3%, while the tech-rich COMP gained 0.4%.

The CBOE Volatility Index (VIX - 15.77) gave up 0.9 point, or 5.3%, after running into familiar resistance in the 17-17.50 region. For the week, the market's "fear gauge" surrendered 7.4%.

CLOSING SUMMARY  INDICES

CLOSING SUMMARY  NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Russia reportedly said it's ended military exercises it was conducting near the Ukraine border. "Aircraft taking part in exercises have been redeployed from temporary to their permanent air bases," said Russia's Defense Ministry, according to Russian news agency Interfax. (The Daily Star)
  2. Meanwhile, the U.S. dropped bombs on ISIS fighters in Iraq, and dropped relief supplies to civilians near Sinjar. "We can act carefully and responsibly to prevent a potential act of genocide," said President Obama. (Reuters)
  3. Elsewhere in the Middle East, fighting resumed in Gaza just minutes after a 72-hour cease-fire between Israel and Hamas expired. Egypt is continuing its efforts to broker a deal, calling on both parties to maintain "self-restraint ... and not [target] civilians in Gaza." (USA Today)
  4. Option bulls targeted Coach Inc (NYSE:COH) amid unsubstantiated buyout chatter. On the other hand, speculators are rolling the dice on familiar resistance for Molycorp Inc (NYSE:MCP).
  5. NVIDIA Corporation (NASDAQ:NVDA) rallied on upbeat earnings guidance. Post Holdings Inc (NYSE:POST)? Not so much.
EARNINGS

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

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