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Dow, S&P Close a Memorable Week in Positive Territory

Oil snaps its seven-week winning streak by the slimmest of margins

by 3/7/2014 4:20:42 PM
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"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:

  • In the wake of its surprise rally toward the $4 level, Advanced Micro Devices, Inc. (NYSE:AMD) was targeted by speculative bulls.
  • Merger developments, Apple Inc. (NASDAQ:AAPL) options demand, a fear-and-greed checkup, and other newsworthy items you may have missed this week.
  • How analysts adjusted their outlook on streaming music names Sirius XM Holdings Inc. (NASDAQ:SIRI) and Pandora Media Inc (NYSE:P).
  • Plus ... The U.S. adds more jobs than expected, Russian and U.S. leaders share a phone call, and Ford Motor Company (NYSE:F) is eyed by a variety of options players.
Trading Topic of the Week -- Ways to Win with Aggressive Trades: Remember the F.A.R. principle. To boost your odds of scoring a big winner, look for stocks poised to make a Fast, Aggressive move in the Right direction.

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:

  1. The U.S. added 175,000 jobs last month, noted the Labor Department in its monthly nonfarm payrolls report. This was north of economists' expectations, but marked a slight decline from the average gain over the last 12 months. The unemployment rate edged up 0.1 percentage point to 6.7%, surprising the consensus, who expected a shift lower to 6.5%. (The New York Times)
  2. Russian President Vladimir Putin dismissed warnings from U.S. President Barack Obama, opting to defend his nation's moves in the Crimean peninsula. The two leaders spoke by phone for an hour on Thursday, and the U.S. commander in chief outlined possible sanctions against the country, including visa restrictions and deployment of fighter jets to allied countries. (FOX News)
  3. Intel Corporation (NASDAQ:INTC) captured the attention of short-term call buyers, who were scooping up bullish bets at a bargain.
  4. Long-term options were the flavor of the day in the Ford Motor Company (NYSE:F) option pits, as traders sold to open calls and rolled out long put positions.
  5. Our Option Idea of the Week highlights why TD Ameritrade Holding Corp. (NYSE:AMTD) may be primed for more upside in the intermediate term.

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

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