Dow Jones Industrial Average Adds Triple Digits; Nasdaq Snaps Losing Streak

A Buffett-Ackman Face-Off; Plus, The 4 Stages of Sentiment

May 2, 2016 at 4:24 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) extended its lead throughout the day, recovering from last week's dismal finish. Weakness in the dollar acted as a boon for stocks -- and sent gold to a new annual high -- helping traders shake off worries over sinking oil prices. Crude oil continued its drop on concerns of growing global output, ending below $45 per barrel for the first time in a week. Meanwhile, the tech-heavy Nasdaq Composite (COMP) snapped a seven-day losing streak, even as Apple Inc. (NASDAQ:AAPL) wrapped up its worst stretch since the dot-com era.

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

The Dow Jones Industrial Average (DJIA - 17,891.16) added 117.5 points, or 0.7%, with Home Depot Inc (NYSE:HD) leading 25 of the blue chips higher on a 1.6% gain. Boeing Co (NYSE:BA) led the laggards, giving up 0.6%. 

The S&P 500 Index (SPX - 2,081.43) climbed 16.1 points, or 0.8%, while the Nasdaq Composite (COMP - 4,817.59) ended 42.2 points, or 0.9%, higher.

The CBOE Volatility Index (VIX - 14.68) shed 1 point, or 6.5%, for the day.

Indexes Closing Summary May 2


NYSE and Nasdaq Stats May 2


5 Items on Our Radar Today:

  1. A study from the European Central Bank (ECB) -- still in the "working" stage -- argued that U.S. economic data may have been leaked ahead of key reports. The report says that in seven out of 21 cases studied, there was evidence of informed trading before potentially market-moving announcements were made public. (MarketWatch)
  2. Starbucks Corporation (NASDAQ:SBUX) is facing a federal lawsuit claiming that the company misleads customers on the actual sizes of their cold drinks by filling cups with a substantial volume of ice. Starbucks believes the lawsuit to lack merit, arguing that customers understand "that ice is an essential component of any 'iced' beverage." (CNBC)
  3. Option bears aren't buying into GNC Holdings Inc's (NYSE:GNC) big bounce.
  4. Ferrari N.V. (NYSE:RACE) earnings point to full speed ahead -- but the shares keep hitting a wall.
  5. How a passive stake sent this drugmaker soaring.

quarterly earnings may 2


Unusual Options Activity May 2

Data courtesy of
Trade-Alert

Commodities:

June crude oil landed at $44.78 per barrel, down 2.5%, or $1.14. This decline came after reports of near-record production by the Organization of the Petroleum Exporting Countries (OPEC), though a weaker dollar somewhat padded the drop-off. 

Gold continued to rally, enjoying a boost from the weakening dollar. June-dated gold finished at $1,295.80 an ounce, up $5.30, or 0.4% -- a 15-month high. Earlier in the session, the malleable metal peeked above $1,300 an ounce.

Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI