The DJIA soared to a triple-digit win on the back of an oil rally and upbeat economic data
The
Dow Jones Industrial Average (DJIA) started March on a bullish note, soaring triple digits as stocks reacted to popping crude oil prices and
strong economic data. In particular, the Institute for Supply Management's (ISM) manufacturing index rose more than expected, construction spending hit an eight-year high, and
auto sales sizzled. Meanwhile, tech stocks caught fire, with the
Nasdaq Composite (COMP) posting its best single-session performance since Aug. 26.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,865.08) broke out to a 348.6-point, or 2.1%, win -- its biggest single-day percentage gain since Jan. 29. Twenty-nine of the Dow's 30 components ended north of breakeven, led by JPMorgan Chase & Co.'s (NYSE:JPM) 5.2% advance. The lone outlier was United Technologies Corporation (NYSE:UTX), down 1.6%, after Honeywell International Inc. (NYSE:HON) said it wouldn't pursue a takeover of the company.
The S&P 500 Index (SPX - 1,978.35) tacked on 46.1 points, or 2.4%, for its best one-day performance since late January. Besting its peers, the Nasdaq Composite (COMP - 4,689.60) shot 131.7 points, or 2.9%, higher, for its biggest percentage gain since August.
The CBOE Volatility Index (VIX - 17.70) fell 2.9 points, or 13.9%, to notch its lowest close of 2016.
5 Items on Our Radar Today:
-
If Democratic presidential hopeful Hillary Clinton gets into the White House, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) could be in
even more trouble.
In a new ad, the former Secretary of State said, "I'm going after them. This is
predatory pricing and we are going to make sure it is stopped." (
The Wall Street Journal)
-
Auto sales were brisk last month, with Edmunds and TrueCar projecting February unit volume will reach its highest level in over 15 years. Leading the way was Ford Motor Company (NYSE:F), which saw a 20% year-over-year rise to 216,045 vehicles -- marking its best February of retail sales in 11 years (though that did nothing to dissuade option bears). (Re/code)
-
-
- Another round of bad news pressured this drugmaker to record lows.
Data courtesy of Trade-Alert
Commodities:
Crude futures followed stocks higher, amid reports that Russian oil companies agreed not to raise production in 2016. By day's end, April-dated crude futures were up 65 cents, or 1.9%, at $34.40 per barrel.
Gold retreated as a data-driven stock market rally dimmed the metal's safe-haven appeal. April gold lost $3.60, or 0.3%, to land at $1,230.80 per ounce.