Oil Surge Gives Dow Jones Industrial Average Another Weekly Win

After three days of choppy trade, the Dow Jones Industrial Average (DJIA) broke higher -- and topped its 200-day moving average -- to land its fourth straight weekly win. Stocks again took their cues from crude futures, as oil prices shot higher on promising comments from the International Energy Agency (IEA). Traders also eyed a stock rally abroad, as many seemed to reconsider the European Central Bank's (ECB) policy decision. With the Dow now back atop 17,000 and the S&P 500 Index (SPX) above the 2,000 mark, Wall Street looks ahead to next week's Federal Open Market Committee (FOMC) meeting. 

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

• Why Fitbit Inc (NYSE:FIT) option traders are striking while the iron's hot. 
• How Bill Ackman received support from an unlikely place. 
• You don't want to miss this bullish signal not seen in more than 5 years. 
• Plus ... another drop in import prices, GM buys into driverless tech, and one energy stock's worst day in 7 years. 
  

The Dow Jones Industrial Average (DJIA - 17,213.31) put in a strong performance, blowing past the 17,000 level -- and notching its highest close of 2016 -- by adding 218.2 points, or 1.3%. Pfizer Inc. (NYSE:PFE) led 28 Dow component winners with a 3.1% lead. The two losers were Wal-Mart Stores, Inc. (NYSE:WMT) and Procter & Gamble Co (NYSE:PG), which dropped 0.4% and 0.6%, respectively. The Dow managed a 1.2% gain on the week. 

The S&P 500 Index (SPX - 2,022.19) also notched a year-to-date high, adding 32.6 points, or 1.6%. The Nasdaq Composite (COMP - 4,748.47) closed with a gain of 86.3 points, or 1.9%. The SPX's weekly gain was 1.1%, while the COMP added 0.7%. 

The CBOE Volatility Index (VIX - 16.50) settled 1.6 points, or 8.6%, lower. The "fear gauge" ended the week with a 2.1% loss. 

5 Items on Our Radar Today:

1. Amid falling oil prices and a strengthening dollar, U.S. import prices dropped 0.3% in February. This marks the eighth straight monthly drop in import prices, after they fell by 1% in January. (Reuters)

2.  General Motors Company (NYSE:GM) has announced plans to buy Cruise Automation, a company that creates sensors that allow cars to drive autonomously. Earlier this year, GM invested $500 million in the ride-sharing start-up Lyft.  (TechCrunch)

3. This energy stock's worst day in 7 years brought bears to the table. 

4. Will Adobe Systems Incorporated (ADBE) burn the bears?

5. How VeriFone Systems Inc's (NYSE:PAY) earnings beat made a lot of traders happy. 

Data courtesy of Trade-Alert

Commodities:

Crude oil futures surged today, after the IEA said "there are signs that prices might have bottomed out." In addition, Baker Hughes said the number of active U.S. rigs fell to a record low last week. April-dated crude was able to secure a 66-cent, or 1.7%, win at $38.50 per barrel. For the week, oil gained 7.2% -- its fourth straight weekly win. 

A strong performance from equities and a strengthening dollar put pressure on gold futures today. At the close, April-dated gold was down $13.40, or 1.1%, at $1,259.40 per ounce. For the week, gold dropped 0.9%.