Dow Jones Industrial Average Surges 370 on Jobs Friday

A Warning for Chipotle; Plus, Did This Oil Stock Hit a Bottom?

Dec 4, 2015 at 4:29 PM
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The Dow Jones Industrial Average (DJIA) erased yesterday's losses and more, leaping back into positive year-to-date territory. Stronger-than-expected numbers in today's critical nonfarm payrolls report fueled the bulls, as did relatively dovish comments from European Central Bank (ECB) President Mario Draghi. Energy stocks sat out the rally, though, as oil capsized after a key Organization of the Petroleum Exporting Countries (OPEC) decision.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,847.63) climbed 370 points, or 2.1%, after the jobs report, with Apple Inc. (NASDAQ:AAPL) leading all 30 blue-chip components higher, gaining 3.3%. Over the week, the DJIA added 0.3%.

The S&P 500 Index (SPX - 2,091.69) rose 42.1 points, or 2.1%, ending in positive year-to-date territory, and gaining 0.1% for the week. The Nasdaq Composite (COMP - 5,142.27) added 104.7 points, or 2.1%, thanks to wins in the tech sector, bringing its weekly increase to 0.7%.

The CBOE Volatility Index (VIX - 14.81) dropped 3.3 points, or 18.2%, with a weekly loss of 2.1%.

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5 Items on Our Radar Today:

  1. Today's much-anticipated nonfarm payrolls report came in above expectations, with 211,000 new jobs added in November. Many now believe the Fed has the data needed to go ahead with an interest rate hike this month. (CNBC)
  2. U.S. exports tumbled to a three-year low in October, bringing the trade deficit to $43.9 billion, an increase of 3.4% from September's upwardly revised figures. The change is mainly due to a stronger dollar, which makes it more difficult for U.S. companies to sell products and services to foreign customers. (MarketWatch)
  3. These two apparel retailers took a dip on poor earnings.
  4. Is Merck & Co., Inc. (NYSE:MRK) interested in Relypsa Inc (NASDAQ:RLYP)?
  5. What do options traders make of these slipping oil stocks?


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Commodities:

U.S. crude oil for January slipped back under the $40 level, losing $1.11, or 2.7% to settle at $39.97 a barrel. OPEC today said it would lift its output ceiling, bringing no relief to the global glut that has been weighing on oil prices for months. For the week, crude lost 4.2%.

Thanks to a weaker dollar, February futures for gold rose 2%, or $22.90 -- its biggest one-day gain since Aug. 20 -- to close at a two-week high of $1,084.10, in spite of today's strong jobs report upping bets for a December rate hike. For the week, gold added 2.6% -- its first weekly gain since mid-October.

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