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

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

by Kirra Fedyszyn

Published on May 2, 2016 at 4:24 PM
Updated on Jun 24, 2020 at 10:16 AM

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.

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