Dow Jones Industrial Average Adds 183 as Earnings Season Gets Underway

2 Big Bank Earnings to Watch

Apr 17, 2017 at 4:28 PM
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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.
 

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