Dow Jones Industrial Average Topples Key Level

Dow Topples Key Level; Plus, Chesapeake's Big Breakout

by Alex Eppstein

Published on Mar 4, 2016 at 4:30 PM
Updated on Mar 4, 2016 at 4:34 PM

At its intraday high, the Dow Jones Industrial Average (DJIA) was up more than 118 points, fueled by a better-than-expected jobs report and a surge in crude oil prices. Eventually, the Dow settled on a more modest gain, but -- along with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) -- posted its first three-week win streak of 2016. What's more, the Dow settled north of the psychologically significant 17,000 level for the first time since Jan. 5, while the SPX stopped just short of a close above the round 2,000 mark.

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

The Dow Jones Industrial Average (DJIA - 17,006.77) tacked on 62.9 points, or 0.4%, bringing its week-over-week gain to 2.2%. Of the 30 Dow components, DuPont (NYSE:DD) was the biggest of the 17 advancers, adding nearly 2.1%. Meanwhile, Home Depot Inc (NYSE:HD) lost 1% to pace the 12 blue-chip decliners, and International Business Machines Corp. (NYSE:IBM) was unchanged.

The S&P 500 Index (SPX - 1,999.99) spent time above the 2,000 mark, but ultimately came up just shy, ending on a 6.6-point, or 0.3%, advance. The Nasdaq Composite (COMP - 4,717.02) added 9.6 points, or 0.2%. On a weekly basis, the SPX and COMP finished 2.6% and 2.8% higher, respectively.

The CBOE Volatility Index (VIX - 16.86) edged up 0.2 point, or 1%, to avoid a fourth consecutive daily loss. Week-over-week, however, the market's "fear gauge" surrendered 14.9%, for a third consecutive weekly drop.

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5 Items on Our Radar Today:

  1. The U.S. economy added 242,000 jobs last month -- fueled by gains in the health care and retail sectors -- outstripping the consensus estimate of 190,000 new positions. Also, the country's unemployment rate was unchanged at 4.9% -- as expected -- while average hourly wages fell by 3 cents. (CNBC)

  2. After Facebook Inc (NASDAQ:FB) announced it would restructure the way it pays taxes in the U.K. starting this April, regulators are now investigating whether the social network's innovative arrangement of routing sales through Ireland (where tax rates are lower) was ever legal. (Reuters)

  3. Another bounce in gold had these three ETFs making sharp moves.

  4. Option traders were buzzing as takeover talk swirled around SolarCity Corp (NASDAQ:SCTY).

  5. Why this biotech stock is suddenly searching for a bottom.

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Data courtesy of Trade-Alert

Commodities:

Crude resumed its uptrend following a one-day respite, buoyed by an upbeat jobs report and an 11th straight weekly decline in the number of active U.S. rigs. April-dated oil futures tacked on $1.35, or 3.9%, to settle at $35.92 per barrel, their loftiest close since Jan. 5. For the week, liquid gold cruised to a 9.6% advance -- its third straight weekly gain.

Gold recovered after initially dropping on the payrolls report, thanks to a declining dollar. April-dated gold tacked on $12.50, or 1%, to settle at $1,270.70 per ounce -- its highest close in 13 months. On a weekly basis, gold gained 4.1% and snapped a three-week losing streak.


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