Dow Jones Industrial Average Roars Back from 258-Point Loss

Dow's Jaw-Dropping Comeback; Plus, Key Levels to Watch on Gold

by Josh Selway

Published on Oct 2, 2015 at 4:32 PM

Despite a rocky start in the wake of a disappointing nonfarm payrolls report, the Dow Jones Industrial Average (DJIA) moved higher in afternoon trading to close the week on a high note -- and stage its biggest reversal in four years. Specifically, the blue-chip barometer overcame a 258-point hole during a second-half surge, to settle up 200 points, and notch its first weekly win in three. Energy stocks helped to lead the recovery, as oil turned higher on reports of a drop in U.S. rig counts. Additionally, Fed Vice Chair Stanley Fischer said there are no "acute risks" currently threatening financial stability. Looking ahead, next week could get interesting, when the minutes from the Fed's latest meeting will be released and third-quarter earnings season will unofficially get underway.

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

 

The Dow Jones Industrial Average (DJIA - 16,472.37) fell out of the gate, but moved higher in afternoon trading, adding 200.4 points, or 1.2%. Twenty-eight of the 30 Dow components finished with gains, led by Chevron Corporation's (NYSE:CVX) 4.1% victory. JPMorgan Chase & Co. (NYSE:JPM) and Verizon Communications Inc. (NYSE:VZ) both closed 0.3% lower. For the week, the Dow added 1%.
 
The S&P 500 Index (SPX - 1,951.36) closed in the black as well, picking up 27.5 points, or 1.4%. The Nasdaq Composite (COMP - 4,707.78) ended the highest of them all, tacking on 80.7 points, or 1.7%. The SPX was 1% higher on the week, and the COMP added 0.5%. 

The CBOE Volatility Index (VIX - 20.94) dipped 1.6 points, or 7.1%, closing below its 10-week moving average for the first time since mid-August. The VIX ended the week 11.3% lower. 


151002recap1


151002recap2


5 Items on Our Radar Today:

  1. This morning's job data hit the Street hard, as payrolls rose less than many expected, while wages remained unchanged. Specifically, the U.S. added 142,000 jobs, with many expecting a figure above 200,000. (Bloomberg
  2. U.S. Education Secretary Arne Duncan will resign from his post at year's end. Mr. Duncan -- a member of President Barack Obama's original cabinet -- created the "Race to the Top" initiative, meant to spark innovation in school districts. (​The New York Times​)  
  3. A simple question: Are solar stocks doomed this quarter?
  4. How Wedbush weighed in on a number of notable social media names
  5. What had these 2 telecom stocks in the spotlight today?


151002recap3


151002recap4



151002recap5



Commodities:

 

A drop in U.S. drilling rigs lifted crude oil today. By the close, crude dated for November added 80 cents, or 1.8%, to settle at $45.54 per barrel. For the week, though, oil shed 0.4%. 

Gold also moved higher, snapping a five-session losing streak. December-dated gold added $22.90, or 2.1%, to end at $1,136.60 per ounce. Still, the precious metal was 0.8% lower on the week. 


A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


3 Million to Lose Jobs – and Not Because of Coronavirus?
A terrifying new trend can make you a millionaire or destroy your financial future.
Wall Street Reclaims Two Key Trendlines This Week
U.S.-China tensions and dire economic data still weigh, though
Dell Stock Jumps on Upbeat First Quarter
DELL announced an upbeat first-quarter report
Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.