Dow Kicks Off November with 136-Point Rally

By
A A A

The Dow Jones Industrial Average (DJI) reversed its recent sideways motion and enjoyed a welcome and decided victory today. "The market started off in positive territory and was able to hold its gains throughout the day," said Schaeffer's Senior Equity Analyst Joe Bell. "Technology, which lagged during most of October, was one of the strongest sectors today. And most of today's news was dominated by earnings reports from big names like Visa (NYSE: V ) and Cirrus Logic (NASDAQ: CRUS )."

Chart of the Day : Schaeffer's Senior Options Strategist Tony Venosa, CMT, sees Dick's Sporting Goods (NYSE: DKS ) gearing up for a rally .

Get a leg up on tomorrow's jobs report, sectors to trade, and more with the Daily Game Plan from Schaeffer's Senior Trading Analyst Bryan Sapp.

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

Markets spiked sharply into positive territory at the open and remained strong through the day, although the afternoon price action was largely sideways. By the closing bell, the Dow Jones Industrial Average (DJI) was up more than 1%, the S&P 500 Index ( SPX ) gained about 1.1%, and the tech-rich Nasdaq Composite (COMP) was the day's outperformer, rallying roughly 1.4%.

Not surprisingly, the CBOE Market Volatility Index (VIX) took it on the chin amid the positive momentum, surrendering all of yesterday's gains (and then some) to close down more than 10%. This marked the index's first close south of the $17 mark since Oct. 22.

Today's highlight : "We've got some more mergers and acquisitions activity to add to the list today, as auto-parts manufacturer Williams Controls (NYSEAMEX:WMCO) gained nearly 41% after being bought by Curtiss-Wright ( CW )." Bell continued, "We also gained some insight into retailers, as many are starting to release their October same-store sales. So far it has been pretty good, which is another positive sign for consumer discretionary stocks and the overall economy."

More of today's big stories:

And, in case you missed it ... Weekly Contrarian : The Worst May Not Be Over for Advanced Micro Devices, Inc. (NYSE: AMD ).

For today's activity in commodities, options, and more, head to page 2.

Commodities markets:

Oil charted a path higher today after the weekly crude inventory report revealed a surprise drop in supplies. December crude futures gained 85 cents, or 1%, to close at $87.09 per barrel.

Gold, on the other hand, trekked lower, with December futures shedding $3.60, or 0.2%, to $1,715.50 an ounce. The yellow metal saw modest selling after an encouraging report on consumer confidence, as well as well-received news from the Chinese manufacturing front.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,232.62) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,427.59) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,020.06) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: CW , ETF , SPX

Schaeffer's Investment Research

Schaeffer's Investment Research
  • See all for Schaeffer's Investment Research
  • View Print Version

More from Schaeffer's Investment Research:

Related Videos

Stocks

Referenced

100%
100%

Most Active by Volume

79,812,121
  • $12.11 ▼ 5.61%
68,370,136
  • $104.83 ▲ 1.79%
65,036,978
  • $16.60 ▲ 1.22%
64,087,181
  • $8.40 ▲ 5.93%
54,443,769
  • $33.66 ▼ 2.43%
44,944,529
  • $97.82 ▲ 1.50%
40,119,778
  • $45.02 ▲ 1.44%
34,306,166
  • $80.04 ▲ 2.13%
As of 10/23/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com