Dow Bounces Back; S&P 500 Maintains Critical Foothold

Although markets will be closed tomorrow, the nonfarm payrolls report will be released

by Karee Venema

Published on Apr 2, 2015 at 4:24 PM
Updated on Jun 26, 2020 at 3:13 PM

The Dow Jones Industrial Average (DJIA) ended the holiday-shortened week with a data-fueled bang, as updates on jobs, factory activity, and the trade deficit helped paint a glass-half-full backdrop. Also helping to buoy the day's price action was news that an agreement has been reached between Iran and world powers over the country's nuclear program. However, despite being up triple digits at one point, the blue-chip barometer's momentum stalled in afternoon trading, as caution set in ahead of tomorrow's release of the Labor Department's nonfarm payrolls report.

Meanwhile, the day's bullish bias was witnessed elsewhere on the Street, with the S&P 500 Index (SPX) bouncing back today, and more importantly, maintaining a foothold above its year-to-date breakeven mark ahead of the Easter weekend -- a feat that's had bullish implications in years past. Additionally, the Nasdaq Composite (COMP) managed to eke out a modest win.

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

The Dow Jones Industrial Average (DJIA - 17,763.24) was up nearly 117 points at its intraday peak, before settling with a 65.1-point, or 0.4%, gain. Twenty-two of the Dow's 30 components closed higher, led by Home Depot Inc's (NYSE:HD) 1.3% pop. Microsoft Corporation's (NASDAQ:MSFT) 1.1% loss paced the six decliners, while Intel Corporation (NASDAQ:INTC) and The Coca-Cola Co (NYSE:KO) were unchanged. For the week, the DJIA added 0.3%.

The S&P 500 Index (SPX - 2,066.96) tacked on 7.3 points, or 0.4%, while the Nasdaq Composite (COMP - 4,886.94) lagged its peers with a 6.7-point, or 0.1%, gain. On a weekly basis, the SPX added 0.3%, but the COMP gave back 0.1%.

The CBOE Volatility Index (VIX - 14.67) jumped out of the gate, before closing down 0.4 point, or 2.9%. For the week, the market's "fear gauge" shed 2.7%.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Iran and leaders from the U.S., U.K, France, Germany, Russia, and China said they have come to terms regarding Tehran's nuclear weapons program. According to the agreement -- which has yet to be drafted -- Iran's nuclear program will be severely limited for up to 25 years, and in return, Western sanctions will be lifted. (MarketWatch)
  2. Contrary to previous reports, Greece's finance ministry said it would not run out of cash next Thursday, April 9. "The finance ministry categorically denies an anonymous report by Reuters on issues which were supposedly discussed during the Euro Working Group on April 1," said the ministry in a released statement. (Reuters)
  3. AMZN unveiled a round of new ideas this week, including an even more convenient way to place your order.
  4. Options activity accelerated on Google Inc (NASDAQ:GOOGL), amid reports the European Union (EU) is preparing its antitrust case against the tech titan.
  5. This alternative energy issue jumped to a six-year high today, but options traders think there's more room to run.
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 fell back below the round-number $50 mark, as an Iran nuclear deal sparked concern the country would begin exporting oil into an already saturated market. At session's end, crude for May delivery was down 95 cents, or 1.9%, at $49.14 per barrel. Week-to-date, though, crude tacked on 0.6%.

Gold lost some of its luster today, thanks to a better-than-expected reading on weekly jobless claims. By the close, June-dated gold was off $7.30, or 0.6%, at $1,200.90 per ounce. On a week-to-date basis, the malleable metal ended fractionally higher.


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