Data, Oil Help Dow Jones Industrial Average End Cold Spell

2 Biotechs Swinging on Buyout Buzz

by Alex Eppstein

Published on Aug 3, 2016 at 4:21 PM

The Dow Jones Industrial Average (DJIA) ended a seesaw session higher, avoiding its longest losing streak in five years. Specifically, stocks reacted positively to a sharp jump in crude oil prices and an encouraging round of economic data. Most notably, the ADP's private-sector employment numbers were stronger than expected, sparking optimism ahead of Friday morning's nonfarm payrolls report -- which could go a long way toward determining when the Fed will raise interest rates.


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

The Dow Jones Industrial Average (DJIA - 18,355.00) picked up 41.2 points, or 0.2%. Nineteen of the 30 blue chips gained ground, paced by a 1.6% win at JPMorgan Chase & Co. (NYSE:JPM). Of the 11 losers, Pfizer Inc. (NYSE:PFE) fared the worst, dropping 2.2%.

The S&P 500 Index (SPX - 2,163.79) added 6.8 points, or 0.3%. Similarly, the Nasdaq Composite (COMP - 5,159.74) tacked on 22 points, or 0.4%.

The CBOE Volatility Index (VIX - 12.86) shed 0.5 point, or 3.8%, closing just above its 10-day moving average.

Indexes Closing Summary August 3

NYSE and Nasdaq Volume August 3

5 Items on Our Radar Today:

  1. Wal-Mart Stores, Inc.'s (NYSE:WMT) is doubling down in its efforts to keep up with Amazon.com, Inc. (NASDAQ:AMZN), with the big-box retailer reportedly in talks to acquire e-commerce upstart Jet.com. (The New York Times)
  2. The Federal Reserve has levied a more than $36 million civil penalty on Goldman Sachs Group Inc (NYSE:GS), faulting the financial juggernaut for disclosing confidential information without authorization. (Reuters)
  3. Ahead of earnings, why Zynga Inc (NASDAQ:ZNGA) is "attractive at current levels."
  4. How to use options to hedge your portfolio.
  5. Downbeat Kate Spade & Co (NYSE:KATE) earnings pressured these retail stocks lower.


Corporate Earnings August 3

Unusual Options Activity August 3
Data courtesy of
Trade-Alert

Commodities:

Oil bounced back above the $40 mark, as weekly data showing a sharper-than-forecast decline in gasoline stocks overshadowed an unexpected build in crude inventories. September-dated crude futures added $1.32, or 3.3%, to settle at $40.83 per barrel.

Gold pulled back from a two-year high, pressured by upbeat economic data and a stronger dollar. By the close, December-dated gold was down $7.90, or 0.6%, at $1,364.70 per ounce. 

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

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


With This Lithium Stock, It Will Be Better to Be Too Early Than Too Late
Click to continue to advertiser's site.
American Airlines Drops on Jobs Update
American Airlines said it will reduce management and support staff by 30%
June Kicks Off With Slew of Economic Data
June begins with another round of retail earnings
With This Lithium Stock, It Will Be Better to Be Too Early Than Too Late
Click to continue to advertiser's site.