Dow Jones Industrial Average Approaches 18,000 On Jobs Data

Crude oil tumbled to its lowest level since July 2009

Dec 5, 2014 at 4:17 PM
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The Dow Jones Industrial Average (DJI) hits its loftiest perch in history -- and came within a chip-shot of 18,000 -- powered by the Labor Department's encouraging payrolls report. By the close, the DJI was still 59 points higher, for another record daily closing high. Also touching new intraday and day-end peaks was the S&P 500 Index (SPX) -- though its advance was a modest 0.2%. Taking a step back, the DJI and SPX have now notched seven consecutive weekly wins. Looking ahead, next week's economic calendar features the current Treasury budget, the latest report on import and export prices, retail sales figures, and the producer price index (PPI).

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

The Dow Jones Industrial Average (DJI - 17,958.79) jumped higher out of the gate, topping out at a record level of 17,991.19, before settling 58.7 points, or 0.3%, higher -- at its loftiest level in history. Two-thirds of the Dow's 30 components ended in the green, paced by JPMorgan Chase & Co.'s (NYSE:JPM) 2.2% gain. Chevron Corporation (NYSE:CVX) once again led the losers, shedding 1.3%. On a weekly basis, the blue-chip index tacked on 0.7%, for its seventh straight weekly win.

The S&P 500 Index (SPX - 2,075.37) also hit an all-time peak of 2,079.47, and settled 3.5 points, or 0.2%, above the flatline. The Nasdaq Composite (COMP - 4,780.76) added 11.3 points, or 0.2%. For the week, the SPX advanced 0.4%, while the COMP gave back 0.2%.

The CBOE Volatility Index (VIX - 11.82) dropped 0.6 point, or 4.5%, settling at its lowest level since late August, and bringing its weekly loss to 11.3%.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. The U.S. economy added a better-than-expected 321,000 jobs in November, the Labor Department said, putting the labor market on track for its best year since 1999. Meanwhile, the unemployment rate was unchanged at 5.8%, and hourly wages gained 9 cents, or 2.1%. (Fortune)
  2. For the third straight month, U.S. factory orders fell, the Commerce Department reported. Specifically, new orders for manufactured goods slipped 0.7%, disappointing economists who were predicting a flat reading. (Reuters, via CNBC)
  3. Could time be running out for this pair of retailers?
  4. A valuable lesson in implied volatility, courtesy of Ambarella Inc (NASDAQ:AMBA).
  5. TWTR's share of the U.S. mobile advertising market is about to be overtaken by this iconic Internet giant.
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS – NOTABLE CALL ACTIVITY

STOCKS – NOTABLE PUT ACTIVITY

Commodities:

Crude hit its lowest level since mid-2009, due to continued concerns about oversupply. The January-dated contract fell 97 cents, or 1.5%, to settle at $65.84 per barrel. On a weekly basis, crude retreated 0.5%.

February-dated gold dropped $17.30, or 1.4%, to settle at $1,190.40 per ounce, as the strong nonfarm payrolls report increased speculation a rate hike could be on the horizon. However, for the week, the malleable metal tacked on 1.3%.

 

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