Dow Jones Industrial Average Jumps, S&P Nears Record High on Jobs Friday

2 Weapons Makers Mobbed by Bulls; Plus, S&P Nears Record

by Kirra Fedyszyn

Published on Jul 8, 2016 at 4:30 PM

The Dow Jones Industrial Average (DJIA) rocketed higher throughout the session, following a standout nonfarm payrolls report for June -- a welcome result after the previous month's disappointment. The DJIA added as much as 270 points at its session high -- and came within a point of a new annual peak -- with increased confidence in the labor market and a slight recovery in crude oil prices boosting stocks. Notably, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) regained key round-number levels, with the SPX hitting an intraday peak of 2,131.71 -- above the index's highest-ever close, and just 3 points from a lifetime high.

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

The Dow Jones Industrial Average (DJIA - 18,146.74) added 250.9 points, or 1.4% to notch its highest close since May 2015, as all 30 blue-chip components finished in the black, led by Caterpillar Inc.'s (NYSE:CAT) 3.1% gain. For the week, the DJIA ended up 1.1%. 

The S&P 500 Index (SPX - 2,129.90) climbed 32 points, or 1.5%, ending just shy of all-time high territory, marking its highest close since May 2015. For the week, the S&P added 1.3%. The Nasdaq Composite (COMP - 4,956.76) rose 80 points, or 1.6%, bringing its weekly gain to 1.9%..

The CBOE Volatility Index (VIX – 13.20) dropped 1.6 points, or 10.6%, for its lowest close since late May. For the week, the VIX lost 10.6%.

Closing Indexes Summary July 8


NYSE and Nasdaq Stats July 8


5 Items on Our Radar Today: 

  1. Elizabeth Holmes, founder and CEO of Theranos Inc, was officially barred from owning or operating any lab for the next two years, after the Centers for Medicare & Medicaid Services revoked the lab's certification and approval to receive payments from the government. The decision by a U.S regulator follows months of investigation into the safety and accuracy of Theranos' procedures, which also led to two years' worth of lab tests being voided. (Reuters)
  2. Univision Communications, a Hispanic media firm, is suing Charter Communications, Inc. (NASDAQ:CHTR) on grounds that the television giant broke its carriage contract with Univison. The company alleges that Charter used language from an old deal with Time Warner Inc (NYSE:TWX) to underpay for the right to carry certain channels. (MarketWatch)
  3. One pessimistic analyst's view on Apple Inc. (NASDAQ:AAPL) ahead of earnings.
  4. A second strong sales report sent this retailer's stock soaring.
  5. Option bulls eyed more upside for NVIDIA Corporation (NASDAQ:NVDA) after a fresh record high.

Corporate Earnings July 8


Unusual Options Activity July 8

Data courtesy of
Trade-Alert

Commodities:

Crude oil for August finished the day just 27 cents, or 0.6%, higher at $45.41 per barrel, after a choppy day of trading. For the week, oil gave up a hefty 7.1% -- the steepest since February -- with Thursday's big post-inventories drop accounting for much of the loss.

After this morning's upbeat jobs data, gold prices initially dipped. But the malleable metal quickly recovered as the dollar strengthened, with August-dated gold ending up $3.70, or 0.3%, at $1,358.40 an ounce. It was a 1.5% gain for the week, marking gold's sixth straight weekly jump.

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