Crude Rally Helps Dow Jones Industrial Average Add 212

Beware This S&P Signal; Plus, Time to Buy Apple Options?

by Kirra Fedyszyn

Published on Feb 25, 2016 at 4:29 PM
Updated on Feb 25, 2016 at 4:36 PM

The Dow Jones Industrial Average (DJIA) picked up steam as the session progressed, with crude futures turning higher on talks of a March meeting of oil producers. Stocks also reacted to dovish Fed comments and a substantial rebound in durable goods orders , which overshadowed an increase in weekly jobless claims and a massive sell-off in Shanghai


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The Dow Jones Industrial Average (DJIA - 16,697.29) added 212.3 points, or 1.3%, with all 30 components finishing the day ahead. United Technologies Corporation (NYSE:UTX) was the biggest gainer yet again, climbing 4.8%. 

The S&P 500 Index (SPX - 1,951.70) gained 21.9 points, or 1.1%, while the Nasdaq Composite (COMP - 4,582.21) settled 39.6 points, or 0.9%, higher.

The CBOE Volatility Index (VIX - 19.11) dropped 1.6 points, or 7.8%, for its lowest close of 2016.

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5 Items on Our Radar Today:

  1. Nevada Gov. Brian Sandoval, considered a favorite pick to take over late Justice Antonin Scalia's seat on the Supreme Court, said he is not interested in being considered for the position. While President Obama is planning to choose a candidate for the seat, Republicans in Congress say they will refuse to hold hearings. (MarketWatch)

  2. Today's weekly jobless claims report showed initial claims rising to 272,000, higher than the expected 270,000. This marks the 51st week that claims came in below 300,000 -- signifying a strong overall labor market. (CNBC)

  3. 2 energy stocks heating up on M&A news.

  4. Weekly call buyers targeted J C Penney Company Inc (NYSE:JCP) ahead of earnings.

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Data courtesy of Trade-Alert

Commodities:

After trading lower throughout the morning, crude oil reversed course around midday, thanks to reports that Venezuela will host a meeting of major oil producers in mid-March. Crude for April delivery ended the day up 92 cents, or 2.9%, at $33.07 a barrel.

After a choppy trading session, gold ended slightly lower, as oil and stocks marched higher. April gold futures shed 30 cents to settle at $1,238.80 an ounce.


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