After a few brief trips into the red, the Dow Jones Industrial Average (DJI) spent the day in positive territory, finishing almost 44 points higher. "Markets have been quite resilient and managed to churn higher today throughout the session, finishing near their intraday peak," observed Schaeffer's Senior Equity Analyst Joe Bell.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI) enjoyed modest gains today, rising 43.9 points, or 0.3%. Gains were fairly broad, as 23 of the index's components were higher, led by Alcoa (NYSE:AA), which rose 2.1%. While Hewlett-Packard (NYSE:HPQ) closed unchanged, Microsoft (NASDAQ:MSFT) was the worst performer on the day, down 1.9%. For the week, the Dow closed up 3.8%.
The S&P 500 Index (SPX) moved up 7.1 points, or 0.5%, on Friday, while the Nasdaq Composite (COMP) was little changed, up 1 point, or 0.04%. On a weekly basis, the SPX rose 4.6% and the COMP tacked on 4.8%.
The CBOE Market Volatility Index (VIX) continued its dramatic backslide, giving back 5%, or 0.7 point. For the week, the index suffered a whopping 39.1% drop.
A Trader's Take:
"The day got off to a good start with the solid nonfarm payrolls report. Financial stocks had a nice day, while technology issues were among the weaker-performing sectors," Bell observed. "Overall, though, investors still seem to be taking a little rest after the big run up earlier in the week," he added.
3 Things to Know About Today's Market:
Plus ... Dave Mustaine -- the outspoken frontman for '80s metal band Megadeth -- took to the Internet to log a passionate complaint against men's apparel retailer Men's Wearhouse (NYSE:MW). Mustaine claims to have ordered a gift card for his tour manager that had not been delivered more than a week later, despite promises for two-day delivery. Included in the musician's rant on the retailer's Facebook page was the promise that "I for one, will never set foot in a Men's Wearhouse, even for a shelter from a blizzard ... I absolutely GUARANTEE it," he added, poking fun at the chain's catchphrase.
Today's Top Tweet:
"So consumers were holding back spending coz of fiscal cliff? I have a better chance of cameo on #kardashians than that being true"
@TFMkts, (TF Market Advisors), 6:00 p.m. (1/3/13)
5 Stocks We Were Watching Today:
Question of the Day:
Q: What are the "Dogs of the Dow" for 2013?
A: In yesterday's Market Recap, we defined what the "Dogs of the Dow" theory is. So what stocks make up the 2013 list? The 10 stocks with the highest dividend yields in the Dow Jones Industrial Average, at the close of 2012, were as follows: AT&T (NYSE:T), Verizon Communications (NYSE:VZ), Intel (NASDAQ:INTC), Merck (NYSE:MRK), Pfizer (NYSE:PFE), DuPont (NYSE:DD), Hewlett-Packard (NYSE:HPQ), General Electric (NYSE:GE), McDonald's (NYSE:MCD), and Johnson & Johnson (NYSE:JNJ). As to whether this strategy works, the jury is still out.
For a look at today's options movers and commodities activity, head to page 2.
Why OIH Is Finding Key Support at $52
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