The DJIA kicked off the second quarter in style, thanks to a strong reading on factory activity
The
Dow Jones Industrial Average (DJIA) started the day in the red following a negative reaction to this morning's
jobs report. However, an encouraging reading on ISM manufacturing activity -- which signaled expansion for the first time in seven months -- helped Dow stocks shake off a
sharp drop in oil prices and relatively hawkish words from Cleveland Fed President Loretta Mester to start the second quarter off with a bang. Elsewhere, while the energy sector struggled,
biotech stocks boomed -- helping the
Nasdaq Composite (COMP) to its highest close of the year.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,792.75) shot to a 107.7-point, or 0.6%, win -- notching its highest close of the year. Twenty-four of the Dow's 30 components advanced, led by Goldman Sachs Group Inc's (NYSE:GS) 1.8% pop. Of the six blue-chip losers, Chevron Corporation (NYSE:CVX) suffered the most, pulling back 1.2%. On a weekly basis, the Dow gained 1.6%.
The S&P 500 Index (SPX - 2,072.78) picked up 13 points, or 0.6%, bringing its week-over-week lead to 1.8%. The Nasdaq Composite (COMP - 4,914.54) tacked on 44.7 points, or 0.9%, and for the week, was up nearly 3%.
The CBOE Volatility Index (VIX - 13.10) dropped 0.9 point, or 6.1%, for its lowest close since Aug. 17. On the week, the market's "fear gauge" lost 11.1%.
5 Items on Our Radar Today:
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The Labor Department's nonfarm payrolls report showed the U.S. economy added 215,000 jobs last month, topping estimates. While the unemployment rate inched up to 5%, analysts suggested this was largely due to a sixth straight monthly increase in workforce participation. (The New York Times)
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March U.S. auto sales were mixed, with Ford Motor Company (NYSE:F) topping expectations but General Motors Company (NYSE:GM) and Fiat Chrysler Automobiles NV (NYSE:FCAU) underperforming. As a whole, however, the industry is still on track to meet the Street's forecast of 17.25 million monthly vehicle sales on an annualized basis. (Reuters, via CNBC)
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Deutsche Bank weighed heavily on this pair of airline stocks.
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Put players went wild as Marvell Technology Group Ltd. (NASDAQ:MRVL) plunged.
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These two gold ETFs went on a roller-coaster ride.
Data courtesy of Trade-Alert
Commodities:
Crude futures ended the week on a negative note, after Saudi Arabia's deputy crown prince said the nation won't freeze production unless Iran and other major producers agree to the program. A rebound in the dollar also pressured the commodity, with May-dated oil futures ending on a $1.55, or 4%, loss at $36.79 per barrel. For the week, crude slid 6.8%.
Gold tumbled as the nonfarm payrolls data sparked rate-hike speculation. At day's end, gold for June delivery was down $12.10, or 1%, at $1,223.50 per ounce. Comparing most active contracts, gold gained 0.2% on the week.