Dow Jones Industrial Average Swings Higher on Oil Rebound

Don't Dismiss These 3 Energy Stocks

by Kirra Fedyszyn

Published on Feb 3, 2016 at 4:27 PM
Updated on Jun 24, 2020 at 10:16 AM

It was another wild ride for U.S. stocks today. The Dow Jones Industrial Average (DJIA) flirted with triple-digit gains and losses, but ultimately resolved to the upside. Traders weighed strong jobs data against unexpected weakness in the services sector, but a huge rebound in crude oil tipped the scale in the bulls' favor.


Continue reading for more on today's market, including
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The Dow Jones Industrial Average (DJIA - 16,336.66) added 183.1 points, or 1.1%, as oil interest Exxon Mobil Corporation (NYSE:XOM) led 21 of the 30 blue-chips higher with a 5.2% gain. McDonald's Corporation (NYSE:MCD) led the losers, dropping 2% for the day. 

The S&P 500 Index (SPX - 1,912.53) edged 9.5 points, or 0.5%, higher, while the Nasdaq Composite (COMP - 4,504.24) couldn't claw its way into positive territory, giving up 12.7 points, or 0.3%.

The CBOE Volatility Index (VIX - 21.65) slipped just 0.3 point, or 1.5%.

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5 Items on Our Radar Today:

  1. The U.S. service sector saw its slowest growth in nearly two years in January, according to the Institute for Supply Management (ISM) non-manufacturing index, which dropped to 53.5 from 55.8 in December. This is the third consecutive month the index has fallen. (CNBC)

  2. U.S. government sources say a bomb was likely responsible for the blast that killed one passenger and forced an emergency landing in Somalia. Sources reported that forensic evidence has been lacking, and no group has yet taken responsibility for the incident. (Reuters)

  3. The bullish brokerage note that sent NeoPhotonics Corp (NYSE:NPTN) soaring.

  4. Checking in with battered GoPro Inc (NASDAQ:GPRO) ahead of tonight's earnings.

  5. How are traders playing these 2 gold ETFs?

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  Data courtesy of Trade-Alert

Commodities:

After a two-day slide, crude oil enjoyed a strong rebound today. A weaker dollar and hopes for global output cuts led traders to shrug off a significant rise in domestic oil inventories. March futures added $2.40, or 8%, to close at $32.38 a barrel.

Gold also managed a positive finish on a weak dollar and slow growth in the services sector, with futures on the malleable metal nearing a three-month high. Gold for April delivery finished the day up $14.10, or 1.3%, at $1,141.30 an ounce.


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