Dow Jones Industrial Average Adds 183 as Earnings Season Gets Underway

2 Big Bank Earnings to Watch

Apr 17, 2017 at 4:28 PM
facebook twitter linkedin


Traders returned from the long holiday weekend in a buying mood, with the Dow Jones Industrial Average (DJIA) starting the week with a triple-digit gain. Stocks brushed off rising tension between the U.S. and North Korea, as well as a dreary batch of economic data, and instead took an upbeat outlook to the first full week of earnings season. Elsewhere, the S&P 500 Index (SPX) bounced after closing last week at its lowest level since mid-February, while the CBOE Volatility Index (VIX) settled below 15 for the first time in a week ahead of this Wednesday's VIX options expiration.

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

  • 2 big bank earnings to watch.
  • The drug stock that doubled in value today.
  • Netflix options activity was heavy ahead of earnings.
  • Plus, 2 oil stocks at key levels; options traders blasted bouncing Ford; and Oncomed gets dealt another blow.

The Dow Jones Industrial Average (DJIA - 20,636.92) spent the entire session trading in positive territory, closing up 183.7 points, or 0.9%. Boeing led 29 Dow stocks higher with its 1.9% pop. Exxon Mobil was the lone decliner, shedding 0.1%.

The S&P 500 Index (SPX - 2,349.01) added 20.1 points, or 0.9%. The Nasdaq Composite (COMP - 5,856.79) tacked on 51.6 points, or 0.9%.

The CBOE Volatility Index (VIX - 14.66) hit a five-month high of 16.28, before settling down 1.3 points, or 8.1%.

closing indexes summary april 17
nyse and nasdaq stats april 17

5 Items on Our Radar Today

  1. Retail sales in the U.S. fell for a second straight month in March, according to data released last Friday, the worst two-month stretch since 2015. What's more, February retail sales were downwardly revised to show a 0.3% decline, versus the initial reading of a 0.1% rise.   (MarketWatch)
  2. For the first time since a foodborne illness outbreak sent its shares tumbling in 2015, Chipotle said it has increased prices at roughly 20% of its locations, or 440 restaurants. According to a spokesperson for CMG, the move was "implemented to help offset labor and food inflation."  (Bloomberg)
  3. These 2 oil stocks are trading near key Fibonacci levels during a historically significant week.
  4. Ford stock bounced on a bullish Barron's mention, stoking heavy options volume.
  5. Oncomed Pharmaceuticals stock fell to a record low, after the biotech reported the latest in a string of disappointing drug data.

corporate earnings april 17
unusual options activity april 17
Data courtesy of Trade-Alert

Commodities

Oil prices pared a portion of their recent gains, on signs of an increase in U.S. crude output. By the close, May-dated crude was down 53 cents, or 1%, at $52.65 per barrel.

Gold prices rose for a fourth consecutive day, boosted by rising tension between the U.S. and North Korea. Gold dated for June delivery settled up $3.40, or 0.3%, at $1,291.90 an ounce -- the highest close since Nov. 4.
 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Stock Pick Report
 


 


 
Special Offers from Schaeffer's Trading Partners