Dow Jones Industrial Average Jumps 282; All Eyes on Apple

It's been a wild ride on Wall Street already this week, with the Dow Jones Industrial Average (DJIA) erasing Monday's triple-digit loss and climbing back above 16,000. While a big bounce in oil helped whet traders' risk-on appetite, solid earnings from a number of blue-chips -- including Procter & Gamble Co (NYSE:PG) -- only helped to stoke the bullish flames. Big earnings continue to roll in after the close, too, with tech titan and Dow component Apple Inc. (NASDAQ:AAPL) reporting.

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

• 3 reasons to like Foot Locker, Inc. (NYSE:FL).
• The scary signal at a four-year high.
• The tweet that had bulls eating out of Oprah's hand.
• Plus ... Consumer confidence jumps, Facebook Inc (NASDAQ:FB) settles, and 2 tech names bargain-hunting option traders should beware of.
  

The Dow Jones Industrial Average (DJIA - 16,167.23) was up more than 300 points at its session high, before settling with a 282-point, or 1.8%, gain. Twenty-nine of the Dow's 30 components closed higher, led by 3M Co's (NYSE:MMM) 5.2% post-earnings pop. The Coca-Cola Co (NYSE:KO) was the lone laggard, giving back 0.2%.

The S&P 500 Index (SPX - 1,903.63) tacked on 26.6 points, or 1.4%, to reclaim its perch atop the 1,900 mark. The Nasdaq Composite (COMP - 4,567.67), meanwhile, rose 49.2 points, or 1.1%. 

The CBOE Volatility Index (VIX - 22.50) shed 1.7 points, or 6.8%, to close south of its 20-day moving average for the first time this year.

 

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5 Items on Our Radar Today:

1. The Conference Board's consumer confidence index jumped to 98.1 in January -- up from December's reading of 96.3 -- the highest mark in three months. Elsewhere, the S&P/Case-Shiller 20-city home price index showed home prices rose 5.8% in November. (Bloomberg; CNBC)

2. Just one day ahead of its highly anticipated earnings report, Facebook said it had agreed upon a settlement in a lawsuit filed by one of its shareholders over excessive compensation. Under the terms of the settlement, FB will hire an outside consultant and work with its board to oversee compensation matters. (Bloomberg)

3. 2 notable tech names bargain hunters should beware of.

4. News of outside investments translated into a boon for Best Buy Co Inc (NYSE:BBY) and Lululemon Athletica inc. (NASDAQ:LULU).

5. 3-D printer makers were hit with uninspiring analyst attention.

Data courtesy of Trade-Alert

Commodities:

The Organization of the Petroleum Exporting Countries (OPEC) lifted black gold, amid hopes that members of the cartel will reach a deal to stem global production. Furthermore, Russia -- a non-OPEC member --and Saudi Arabia could even cut production, Iraq's oil minister told Dow Jones Newswires. By the close, March-dated crude advanced $1.11, or 3.7%, to end at $31.45 per barrel, after topping the $32-per-barrel mark in intraday trading.  

Amid a weaker dollar and ahead of tomorrow's Fed statement, February-dated gold surged $14.90, or 1.4%, to end at $1,120.20 an ounce -- the metal's best finish in nearly three months.