Dow Jones Industrial Average Grabs Another Win; Tech Stocks Bruise Nasdaq

20 Prime-Time Trading Opportunities

by Josh Selway

Published on Apr 22, 2016 at 4:34 PM
Updated on Apr 22, 2016 at 4:36 PM

The Dow Jones Industrial Average (DJIA) was down more than 70 points at its intraday low, but bounced back in late-day trading to eke out its fourth win this week -- and close north of 18,000 for the first time on a weekly basis since mid-July. While the Dow's comeback was impressive, the day was highlighted by negative earnings reactions for high-profile tech stocks -- which downed the Nasdaq Composite (COMP). Meanwhile, oil prices were buoyed on news of another decrease in U.S. drilling rigs, while Markit's flash purchasing managers index (PMI) hit a new low in April. Looking ahead to next week, attention will shift to the Fed's latest policy-setting meeting, where it doesn't seem likely the central bank will shift its current monetary stance.

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

The Dow Jones Industrial Average (DJIA - 18,003.75) overcame an early deficit to close 21.2 points, or 0.1%, higher. Eighteen of the 30 Dow components closed higher, led by The Coca-Cola Co's (NYSE:KO) 2% gain. Microsoft Corporation's (NASDAQ:MSFT) 7.2% post-earnings loss lead the losers, while 3M Co (NYSE:MMM) closed flat. For the week, the Dow added 0.6%.

The S&P 500 Index (SPX - 2,091.58) added 0.1 point. The Nasdaq Composite (COMP - 4,906.23) underperformed, dropping 39.7 points, or 0.8%. The SPX ended the week 0.5% higher, while the COMP was down 0.6%. 

The CBOE Volatility Index (VIX - 13.22) gave back 0.7 point, or 5.2%. VIX slid 2.9% for the week. 


Indexes closing summary April 22 b

NYSE and NASDAQ stats April 22

5 Items on Our Radar Today:

  1. Obama warned Britain that leaving the European Union would make a U.S.-U.K. trade agreement something that is "not going to happen anytime soon." (Reuters)

  2. The Cuban government reportedly went back on a long-standing ban of Cuba-born travelers returning via ship -- good news for Carnival Corp (NYSE:CCL) ahead of its May 1 maiden voyage. (CNN

  3. Microsoft Corp. (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOGL) weighed on the tech sector after reporting disappointing quarterly earnings.

  4. China's latest crackdown on foreign publishing has pushed this smartphone maker's shares even lower.

  5. McDonald's Corporation (NYSE:MCD) is creeping near an all-time high, as consumers keep lovin' all-day breakfast.

Quarterly earnings April 22

Unusual Options Activity April 22
Data courtesy of
Trade-Alert

Commodities:

Crude oil futures climbed higher, thanks to a report from Baker Hughes that revealed the number of active U.S. drilling rigs declined for a fifth straight week. Crude oil set for June delivery settled up 55 cents, or 1.3%, at $43.73 per barrel. Oil added 8.3% for the week. 

Traders fled from gold amid a strengthening dollar -- and, ahead of next week's Federal Open Market Committee (FOMC) meeting. By the close, June-dated gold futures fell $20.30, or 1.6%, to land at $1,230 per ounce. For the week, gold dropped 0.4%. 

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