Dow Jones Industrial Average Skyrockets 390, S&P Soars Out of Correction

Dow Spikes 390; Plus, How to Time a VXX Surge

by Andrea Kramer

Published on Sep 8, 2015 at 4:22 PM

The wild ride continued for the Dow Jones Industrial Average (DJIA), with momentum shifting back to the bulls' side. After wrapping up a brutal week, the blue-chip barometer notched its third 300-plus-point gain in less than two weeks, thanks to fresh stimulus hopes out of China. In fact, all 30 Dow components moved in unison to the upside, with General Electric Company (NYSE:GE) enjoying some M&A applause, Big Blue capitalizing on Buffett buzz, and Apple Inc. (NASDAQ:AAPL) moving ahead of tomorrow's hot ticket. Meanwhile, the S&P 500 Index (SPX) clawed back out of correction territory, while the Nasdaq Composite (COMP) rallied out of the red for 2015.

 

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

 

 

The Dow Jones Industrial Average (DJIA - 16,492.68) logged its best day since Aug. 26 -- and second-best day of 2015 -- tacking on 390.3 points, or 2.4%. The entire Dow 30 ended north of breakeven, with GE performing the best, up 4%.

The S&P 500 Index (SPX - 1,969.41) advanced 48.2 points, or 2.5%, trimming its crucial monthly deficit to just 0.1%. The Nasdaq Composite (COMP - 4,811.93) fared the best of the bunch, surging 128 points, or 2.7%. The tech-rich COMP now boasts a year-to-date gain of 1.6%.

The CBOE Volatility Index (VIX - 24.90) backpedaled 2.9 points, or 10.4%, but found a foothold atop its 20-day moving average.

 

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5 Items on Our Radar Today:

 

  1. In the wake of all the recent market volatility, China today unveiled plans to install a circuit breaker to stem sell-offs in Shanghai- and Shenzhen-listed stocks. (MarketWatch)
  2. AMZN could soon unveil a $50 Fire tablet to capitalize on Christmas shopping season, sources say. (Fortune)
  3. How traders reacted to big-time management shake-ups for FireEye Inc (NASDAQ:FEYE) and Angie's List Inc (NASDAQ:ANGI) -- one of which scored an ex-Tesla Motors Inc (NASDAQ:TSLA) exec.
  4. Morgan Stanley isn't worried about AAPL competition for FIT.
  5. Upbeat drug data lifted this struggling biotech out of the doldrums.

 

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Commodities:

 

October-dated crude dropped 11 cents, or 0.2%, to end at $45.94 per barrel, as President Obama mustered Senate support to lift sanctions on Tehran exports. In addition, China said crude imports fell 13.4% in August, which weighed on demand expectations.

 

A rally in the equities market diminished gold's "safe haven" allure, with December-dated gold giving up 40 cents to dock at $1,121 an ounce.


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