Dow Jones Industrial Average Hangs On for a Weekly Win

2 Penny Stocks Flashing 'Buy'

by Karee Venema |

Published on Mar 17, 2017 at 4:26 PM
Updated on Mar 20, 2017 at 9:23 AM

The Dow Jones Industrial Average (DJIA) spent time on both sides of breakeven on quadruple witching expiration -- when futures and options on indexes and stocks simultaneously expire -- before eventually settling with a modest loss. Traders kept a close eye on trade discussions in a meeting between President Donald Trump and German Chancellor Angela Merkel, as well as the G-20 summit of global financial leaders. Stocks also reacted to a round of economic data and wavering oil prices. Despite the relatively muted action in stock markets today, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) all closed higher on the week, with the COMP notching an all-time intraday high.

Continue reading for more on today's market, including:

  • 2 penny stocks flashing a possible "buy."
  • 5 ways stock traders use MACD as a technical indicator.
  • 3 drug stocks that made big moves today.
  • Plus, American Airlines hits more turbulence; Tesla's big week; and a $1.4 million housing bet.

The Dow Jones Industrial Average (DJIA - 20,914.62) traded in a 69-point range, before settling down 19.9 points, or 0.1%. Fourteen of 30 Dow stocks closed lower, led by a 1.7% loss for Goldman Sachs. 3M shares paced the 15 advancers with its 1.1% pop, while Cisco stock finished flat. For the week, the Dow added 0.06%.

The S&P 500 Index (SPX - 2,378.25) closed the day down 3.1 points, or 0.1%, but gained 0.2% on the week. The Nasdaq Composite (COMP - 5,901.00) topped out at a record peak of 5,912.61, before settling with a fractional gain. Week-over-week, the COMP rose 0.7%.

The CBOE Volatility Index (VIX - 11.28) edged up 0.07 point, or 0.6%. On a weekly basis, though, the market's "fear gauge" surrendered 3.3%.

closing indexes summary march 17
nyse and nasdaq stats march 17

5 Items on Our Radar Today

  1. While an official document won't be released until Saturday, early reports suggest global financial leaders agreed to stand against currency and forex manipulation at today's G-20 summit in Germany. However, differences surrounding trade and climate change financing have emerged, due mainly to the objections of the Trump administration. (Reuters)
  2. Mulesoft stock began trading on the New York Stock Exchange today, under the ticker MULE. Shares of the software company jumped to an intraday high of $25.92 -- more than 52% above Thursday's IPO price of $17 per share -- before settling at $24.75. (CNBC)
  3. American Airlines stock headed lower once again, after Imperial Capital lowered its expectations for the shares.
  4. Tesla shares closed out the week 7.3% higher following a better-than-expected stock offering.
  5. Options traders have been buying to open calls on the iShares U.S. Home Construction ETF (ITB), with one bull betting $1.4 million on higher highs.

corporate earnings march 17
Unusual options activity march 17
Data courtesy of Trade-Alert

Commodities

Crude oil eked out a win, even after data showed the domestic rig count increased for a ninth straight week. April-dated crude futures ended the session up 3 cents at $48.78 per barrel. For the week, liquid gold added 0.6%.

Gold prices gained ground amid a cooling U.S. dollar. By the close, gold for April delivery was $3.10, or 0.3%, higher at $1,230.20 an ounce. Week-over-week, gold rose 2.4% -- its biggest weekly advance since early February.

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