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Market Recap: DJIA Reverses Course, Adds 180 Points on Earnings, Rescue-Fund Optimism

The SPX and COMP clawed their way to gains of 2% and 1.6%, respectively

by 10/18/2011 4:25:06 PM
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Crude futures conquered $88 per barrel for the first time in four weeks today, as a solid day in the equities market fueled hopes for healthier energy demand. By the close -- and ahead of tomorrow's weekly inventories report from Uncle Sam -- November-dated oil futures tacked on $1.96, or 2.3%, to end at $88.34 per barrel.

On the other hand, gold futures plummeted as lackluster GDP data from China -- one of gold's top consumers -- weighed on expectations for demand. Furthermore, a strengthening greenback also pressured gold, spooking foreign-currency holders from the dollar-denominated asset. Against this backdrop, December-dated gold futures gave up $23.80, or 1.4%, to end at $1,652.80 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA 11,577.05) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX 1,225.38) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP 2,657.43) - support at 2,100; resistance at 2,900

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



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