Dow Jones Industrial Average Surges 293; S&P Claws Out of Correction

Did September Just Flash an 'Extra Bearish' Signal?

Sep 2, 2015 at 4:19 PM
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The Dow Jones Industrial Average (DJIA) rocketed higher at the open and ended with a triple-digit win, snapping a three-day losing streak. Meanwhile, the broader S&P 500 Index (SPX) clawed its way out of correction territory, as did the tech-heavy Nasdaq Composite (COMP). Inspiring traders' risk-on appetite was the Fed's generally upbeat Beige Book and ADP's relatively encouraging payrolls report -- both of which fueled ongoing rate-hike speculation -- as well as a swing higher in energy prices.

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


The Dow Jones Industrial Average (DJIA - 16,351.38) soared 293 points, or 1.8% -- closing just above its 10-day moving average, which has acted as resistance in recent sessions. All but one of the Dow's 30 components rallied, paced by Apple Inc.'s (NASDAQ:AAPL) 4.3% jump. Chevron Corporation (NYSE:CVX), on the other hand, slipped 0.2%.

The S&P 500 Index (SPX - 1,948.86) added 35 points, or 1.8%. Meanwhile, the Nasdaq Composite (COMP - 4,749.98) outpaced its peers on a percentage basis, shooting up 113.9 points, or 2.5%.

The CBOE Volatility Index (VIX - 26.09) tumbled 5.3 points, or 16.9%, wiping out Tuesday's double-digit percentage gain.







5 Items on Our Radar Today:


  1. While the ADP job report was front and center, there was plenty of other data for Wall Street to digest. Specifically, worker productivity increased at its fastest clip in nearly two years, labor costs fell, and factory orders rose -- though less than expected. (USA Today; Reuters, via CNBC)
  2. Elsewhere, the Fed's Beige Book said most of the country's 12 districts experienced growth across sectors, with energy being the notable exception. Specifically, manufacturing activity was "mostly positive" in 10 of 12 regions, and retail sales largely "continued to expand." However, districts also reported energy activity was "stable to declining." (CNBC)
  3. Is TSLA driving toward end-of-week losses? These bears sure hope so.
  4. A look at the catalysts taking their toll on GoPro Inc (NASDAQ:GPRO) and Ambarella Inc (NASDAQ:AMBA).
  5. Bankruptcy fears took this airline stock on a wild ride.










After initially dropping on news of a build in U.S. stockpiles, oil bounced back as traders dug deeper into the weekly report and realized refinery outages were partly to blame. By the close, crude for October delivery was up 84 cents, or 1.9%, at $46.25 per barrel.


Gold futures sagged under the weight of a broad-market rebound and a stronger dollar. Specifically, December-dated gold lost $6.20, or 0.5%, to settle at $1,133.60 per ounce.


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