Dow Jones Industrial Average Hangs On For 4th Straight Weekly Win

A $1.7M Facebook Bet; Plus, the VIX Trend Not Seen In a Year

Josh Selway
Dec 2, 2016 at 4:24 PM
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The Dow Jones Industrial Average (DJIA) made a push for positive territory around midday, but political tension out of Italy ultimately capped stocks' upside. This morning's nonfarm payrolls report also failed to provide a spark, despite a sharp drop in the unemployment rate. Still, the data was good enough to support traders' belief the Federal Reserve will raise interest rates at its policy meeting later this month. Thanks to a strong week for energy stocks, the Dow did manage to eke out a fourth straight weekly win, though the Nasdaq Composite (COMP) and S&P 500 Index (SPX) suffered the ominous Black Friday hangover


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

The Dow Jones Industrial Average (DJIA - 19,170.42) slipped 21.5 points, or 0.1%, snapping a three-day winning streak. Of the Dow's 30 components, 14 ended higher, led by Intel Corporation (NASDAQ:INTC) and its 1.2% gain. The biggest loser was Goldman Sachs Group Inc (NYSE:GS), losing 1.4%. For the week, the blue-chip index rose 0.1%. 

The S&P 500 Index (SPX - 2,191.95) managed a 0.9-point, or 0.04%, victory, while the Nasdaq Composite (COMP - 5,255.65) picked up 4.6 points, or 0.1%. The SPX ended the week down roughly 1%, while the COMP shed 2.7%. 

The CBOE Volatility Index (VIX - 14.12) gained 0.1 point, or 0.4%, for the day, and 14.4% for the week. 

Indexes closing summary December 2
NYSE and Nasdaq stats December 2

5 Items on Our Radar Today

  1. The U.S. economy added 178,000 jobs in November, according to this morning's nonfarm payrolls report. The unemployment rate fell to a nine-year low of 4.6%, as 226,000 Americans left the labor force. (USA Today)
  2. New Oriental Education & Tech Grp (ADR) (NYSE:EDU) sold off today on news it's being investigated for academic fraud. The China-based company has denied the allegations. (Reuters)
  3. Pandora Media Inc (NYSE:P) stock popped amid buyout buzz once again.
  4. Making the bearish case for Apple Inc. (AAPL)
  5. What had Etsy Inc (NASDAQ:ETSY) call options suddenly red-hot?

Quarterly earnings December 2

Unusual options activity December 2
Data courtesy of Trade-Alert

Commodities:

January-dated crude oil futures traded higher once again, closing up 62 cents, or 1.2%, at $51.68 per barrel, as this week's agreement among top producers continued to support prices. Oil prices added 11.7% on the week, their best week in more than five years. 

Gold futures closed the session higher, thanks to a weaker dollar, with the February contract adding $8.40, or 0.7%, to settle at $1,177.80 per ounce. Gold closed the week with a 0.1% loss, comparing most-active contracts. 

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