"Today's key driver was the jobs report ahead of the open this morning," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "While the reading was better than expected, the market's reaction to the numbers wasn't all that great. Going forward, reclaiming today's highs will be key in order for the bulls to stay in control." The Dow Jones Industrial Average (DJI) spent time on both sides of the breakeven mark today, but the bulls were ultimately victorious, as the Dow settled marginally higher on the day and closed up 0.8% for the week.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,452.72) bounced within a 107-point range (and spent time both north and south of breakeven), but ultimately closed up 30.8 points, or 0.2%. For the week, the blue-chip index added 0.8%. Nike Inc (NYSE:NKE) paced the Dow's 18 advancers with a 1.6% gain, while The Walt Disney Company (NYSE:DIS) dropped 1.4%, bringing up the rear.
The S&P 500 Index (SPX - 1,878.04) tagged another new intraday high shortly after the open -- at 1,883.57 -- and closed up 1 point, or 0.1%, which was enough to solidify another record close. The Nasdaq Composite (COMP - 4,336.22) underperformed once again, shedding 15.9 points, or 0.4%, on the day. The SPX rose 1% during the week, while the COMP added 0.7%.
The CBOE Volatility Index (VIX - 14.11) lost a little ground during Friday's session, giving back 0.1 point, or 0.7%. Week over week, the "fear gauge" rose 0.8%.
A Trader's Take:
"There was a good deal of opportunity on both the long and short sides of the market today," added Sapp. "While equities are all over the place on an intraday basis, there are pockets of strength in sectors such as retail, financials, and transports."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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