The DJIA recovered from yesterday's bloodbath with a triple-digit gain, while the SPX fought out of correction territory
The
Dow Jones Industrial Average (DJIA) snapped back from
a brutal Wednesday, tacking on triple digits on the back of an energy rally that sent components Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) sharply higher. Also stoking traders' risk-on appetite was an
earnings-induced rally from blue chip JPMorgan Chase & Co. (NYSE:JPM), as well as dovish remarks from St. Louis Fed President James Bullard. Meanwhile, the broader
S&P 500 Index (SPX) clawed out of correction territory (albeit barely), and the small-cap-rich
Russell 2000 Index (RUT) also bounced -- but not before plumbing two-year lows and briefly
taking out the key 1,000 level.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,379.05) surged 227.6 points, or 1.4%, as 28 of 30 blue chips ended higher. Leading the way were energy stocks CVX and XOM, up 5.1% and 4.6%, respectively. Only Nike Inc (NYSE:NKE) and Home Depot Inc (NYSE:HD) settled in the red, slipping 0.5% and 1.5%, respectively.
The S&P 500 Index (SPX - 1,921.84) popped 31.6 points, or 1.7% -- and out of correction territory. The Nasdaq Composite (COMP - 4,615.00) added nearly 89 points, or 2%, to outpace its peers.
The CBOE Volatility Index (VIX - 23.95) slid 1.3 points, or 5%, but closed atop its 10-day moving average for the 10th straight session.


5 Items on Our Radar Today:
-
-
St. Louis Fed President James Bullard warned that the "worrisome" decline in inflation expectations may prompt the central bank to
rethink its timetable on future rate hikes. "For me, inflation expectations are a key factor and if they continue to decline I would put increasing weight on that," he said. (
Reuters)
-
Two biotechs catching the attention of put players.
-
Why SolarCity Corp (NASDAQ:SCTY) could be in trouble, on and off the charts.
-
Schaeffer's contributor Adam Warner pays tribute to his father with these four options trading lessons.


Data courtesy of Trade-Alert
Commodities:
Crude prices bounced back amid short-covering activity, and in the process snapped a streak of eight straight daily losses. This, despite speculation that sanctions against Iran will likely be lifted, potentially exacerbating a global supply glut. By day's end, February-dated futures were up 72 cents, or 2.4%, at $31.20 per barrel.
Rebounds in oil and stocks weighed on gold, dimming the appeal for "safe haven" strategies. Gold for February delivery lost $13.50, or 1.2%, to settle at $1,073.60 per ounce -- its largest one-day decline in about a month.