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Market Recap: Stocks Rally on Solid Domestic Data, Facebook IPO Buzz

The DJIA and SPX gained 0.7% and 0.9%, respectively, while the COMP added 1.2%

by 2/1/2012 4:30:41 PM
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Crude futures rose in early trading, bolstered by strong manufacturing data out of the euro zone and a well-received payrolls report from ADP. However, oil futures gave back their early gains after the Energy Information Administration (EIA) reported a bigger-than-forecast increase in domestic crude stockpiles. Not even a weaker U.S. dollar could bolster the commodity, as crude for March delivery dropped 87 cents, or 0.9%, to close at $97.61 a barrel. This marked crude's fourth straight losing session, as well as its lowest settlement in six weeks.

On the other hand, gold futures extended their gains today, settling at their highest point in more than eight weeks. Promising economic data from the U.S. and abroad applied pressure to the greenback, which lured foreign-currency holders to the dollar-denominated commodity. By the close, April-dated gold added $9.10, or 0.5%, to land at $1,749.50 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA 12,716.46) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX 1,324.08) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP 2,848.27) - 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.



OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS  MOVERS

STOCKS  EARNINGS

STOCKS  NOTABLE CALL ACTIVITY

STOCKS  NOTABLE PUT ACTIVITY

STOCKS  NEW ANNUAL HIGHS

STOCKS  NEW ANNUAL LOWS

SCHAEFFER'S MARKET POSTURE


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