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Crude and gold notch daily wins, but weekly losses
The Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) spent time on both sides of breakeven today, as traders digested the Labor Department's hot-and-cold October employment report, as well as speeches from a trio of Federal Reserve officials. Although the two major market indexes ended up settling the session not far from where they began, all hope was not lost. In fact, they each tagged fresh record closing peaks, and notched impressive gains for the third week in a row. The Nasdaq Composite (COMP), however, did not fare as well as its peers, settling the session with a loss, and eking out a modest weekly gain.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,573.93) traded in an 82-point range today -- tagging a new intraday peak of 17,575.33 along the way -- before settling up 19.5 points, or 0.1% -- a fresh record closing high. Twenty-one of the Dow's 30 components finished in the green, led by a 1.2% pop for both Verizon Communications Inc. (NYSE:VZ) and Wal-Mart Stores, Inc. (NYSE:WMT). UnitedHealth Group Inc.'s (NYSE:UNH) 2.7% drop paced the nine decliners. For the week, the blue-chip barometer tacked on 1.1%.
The S&P 500 Index (SPX - 2,031.92) topped out at an all-time intraday high of 2,034.26, before finishing with a 0.7-point, or 0.03%, gain -- its third consecutive record closing high. The Nasdaq Composite (COMP - 4,632.53), meanwhile, gave back 5.9 points, or 0.1%. Week-over-week, the SPX and COMP added 0.7% and 0.04%, respectively.
The CBOE Volatility Index (VIX - 13.12) shed 0.6 point, or 4%, to close at its lowest level since Sept. 19. On a weekly basis, the market's "fear gauge" settled 6.5% lower.
5 Items on Our Radar Today:
- Employers added 214,000 jobs last month, according to the Labor Department, fewer than the 235,000 economists were expecting. The unemployment rate, however, dropped to 5.8% -- a six-year low. Meanwhile, August numbers were revised up by 23,000 to 203,000, while September's payrolls improved to 256,000 from 248,000. (CBS News)
- President Barack Obama is expected to tap Loretta Lynch to replace Eric Holder as attorney general. Lynch is currently undergoing her second term as federal prosecutor in Brooklyn, Staten Island, Queens, and Long Island, and if confirmed, would be the first African-American female to lead the Justice Department. Although a formal nomination has not yet been announced, Dan Pfeiffer -- a senior advisor to Obama -- expressed confidence that they "will have a nominee soon." (Bloomberg)
- Abercrombie & Fitch Co.'s (NYSE:ANF) third-quarter sales warning sent the shares tumbling -- and sector peer American Eagle Outfitters (NYSE:AEO) swooning in sympathy.
- FBR took different stances on athletic apparel issues Nike Inc (NYSE:NKE) and Under Armour Inc (NYSE:UA).
- Better-than-expected quarterly revenue results from Zynga Inc (NASDAQ:ZNGA) and El Pollo Loco Holdings Inc (NASDAQ:LOCO) had Wall Street scrambling to weigh in.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude oil bounced back today ahead of a polar vortex scheduled to hit the Midwest next week -- and amid the crumbling ceasefire between Russia and Ukraine. By the close, December-dated crude was up 74 cents, or 0.9%, to $78.65 per barrel. Week-over-week, though, black gold surrendered 2.3%.
Gold snapped its seven-session losing streak, thanks to a weakening dollar and round of short-covering. At session's end, gold for December delivery was up $27.20, or 2.4% -- its loftiest one-day gain since mid-June -- to settle at $1,169.80 per ounce. For the week, the malleable metal edged down 0.2%.