Data Surprises Rock Dow Jones Industrial Average Ahead of Payrolls

2 Oil Stocks Set for a Brutal September

Sep 1, 2016 at 4:25 PM
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It was an up-and-down day for the Dow Jones Industrial Average (DJIA), as traders reacted to a mixed bag of economic data ahead of tomorrow's all-important nonfarm payrolls report. Stocks got an early boost from a better-than-expected update on weekly jobless claims, but a surprisingly bad Institute for Supply Management (ISM) manufacturing index reading sent shock waves across the Street. Nonetheless, a last-second surge helped the Dow avoid a third straight loss, even as oil prices continued to fall. 

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

The Dow Jones Industrial Average (DJIA - 18,419.30) added 18.4 points, or 0.1%, thanks to a strong final hour. Of the Dow's 30 components, 16 closed higher, led by Wal-Mart Stores, Inc.'s (NYSE:WMT) 2% pop. The biggest loser was American Express Company (NYSE:AXP), down 1.1%. 

The S&P 500 Index (SPX - 2,170.86) wasn't so resilient, closing fractionally lower. The Nasdaq Composite (COMP - 5,226.76) added 13.5 points, or 0.3%.

The CBOE Volatility Index (VIX - 13.48) managed a 0.06-point, or 0.5%, advance. 

indexes closing summary september 1
nyse and nasdaq stats september 1

5 Items on Our Radar Today:

  1. Just two days after landing its first customer for its recyclable rockets, Elon Musk's SpaceX had a Falcon 9 rocket explode today. No one was injured in the accident, which is still being investigated. (Reuters)
  2. Mosquitoes carrying the Zika virus have been detected in the U.S. for the first time. The Florida Department of Agriculture and Consumer Services announced the discovery was in Miami, Florida -- an area already affiliated with the disease. (CNN)
  3. The news that had this medical device stock dancing with 10-year highs
  4. Are FireEye Inc (NASDAQ:FEYE) bears buying insurance
  5. How option traders reacted to Intel Corporation's (NASDAQ:INTC) new high

quarterly earnings september 1
unusual options activity september 1
Data courtesy of Trade-Alert

Commodities:

Oil prices fell for the fourth straight session, as oversupply concerns continue to weigh. October-dated crude futures ended down $1.54, or 3.5%, at $43.16 per barrel. 

Gold futures, on the other hand, moved higher as the dollar retreated. Gold for December delivery finished up $5.70, or 0.4%, at $1,317.10 an ounce. 

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