Schaeffer's Top Stock Picks for '25

Sixth Straight Win for the Dow Jones Industrial Average

The Apple Level in Focus Before Monday's Big Reveal

Mar 18, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) scored a sixth consecutive positive finish -- and another year-to-date high -- marking its longest win streak since October. Financial interests JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) led the blue-chip index to a triple-digit lead, as stocks shook off a late drop in oil prices on this quadruple witching Friday. Meanwhile, the S&P 500 Index (SPX) ended the day firmly back in positive year-to-date territory, notching a fifth straight weekly win.


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The Dow Jones Industrial Average (DJIA - 17,602.30) added 120.8 points, or 0.7%, as GS led 21 of the blue-chip components higher on its 3.1% gain, with JPM just behind, climbing 2.9%. Microsoft Corporation (NASDAQ:MSFT) was the leading laggard, dropping 2.1%. For the week, the DJIA climbed 2.3% -- its fifth consecutive weekly win. 

The S&P 500 Index (SPX - 2,049.56) entered positive-year-to-date territory with a daily gain of 9 points, or 0.4%, adding 1.3% for the week. The Nasdaq Composite (COMP - 4,795.65) is still well into the red for 2016, but added 20.7 points, or 0.4%, today, and 1% for the week. Like its peers, the COMP has notched five straight weekly gains.

The CBOE Volatility Index (VIX - 14.02) gave up 0.4 point, or 2.9%, for its lowest close in seven months. For the week, the VIX slid 15%.

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5 Items on Our Radar Today:

  1. Global central bankers allegedly made a secret pact at last month's Group of 20 (G-20) policy meeting, according to one conspiracy theory gaining steam. Specifically, the "Shanghai Accord" was made to weaken the dollar and bolster stocks, theorists say. (MarketWatch)

  2. Former Fed Chair Ben Bernanke opined that monetary policy "is reaching its limits" both at home and abroad, but the "Fed is not out of ammunition." Further, he said "anxiety about negative rates" -- as adopted in Europe and Japan -- "seems to me overdone."  (Brookings Institution)

  3. These 3 drugmakers soared on sector tailwinds.

  4. More M&A news kept Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) options on fire.

  5. How option bulls are targeting this rising cybersecurity stock.


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Data courtesy of Trade-Alert

Commodities:

Oil finished the day on a low note, as the number of operating U.S. rigs rose for the first time since December. Crude for April delivery dropped 76 cents, or 1.9%, to $39.44 a barrel, but is still up 2.4% for the week -- marking five positive weekly finishes in a row.

Gold also backtracked today, with April futures giving up $10.70, or 0.9%, to finish at $1,254.30 an ounce, as strength in the dollar edged up slightly. For the week, gold slipped 0.4%.

 
 

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