Dow Off 275 Points; Jobs Data Leaves Wall Street In Tatters

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"It was a perfect storm of worse-than-expected economic data this morning -- highlighted by the nonfarm payrolls report -- that pulled the market into a sea of red," lamented Schaeffer's Senior Equity Analyst Joe Bell. As the mood on Wall Street soured, keeping skeptical investors on the sidelines, stocks prolonged their weekly slide and the Dow Jones Industrial Average (DJI) drifted below breakeven for the year.

Keep reading to see what else was on our radar today:

  • Stock market technicals: What does the 200-day trendline mean to the major market indexes?
  • What's up with what's going down? A look at the recent action with the VIX.
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 12,118.57) drifted to its lowest point of the year today, peeling back some 274.9 points, or 2.2%. This retreat pushed the Dow below its 200-day moving average for the first time since Dec. 19, and effectively wiped clear its year-to-date gain. All 30 of the Dow's components suffered declines, as Hewlett-Packard ( HPQ ) and Bank of America ( BAC ) led the losers with losses of 6.3% and 4.5%, respectively. The blue-chip barometer gave up 2.7% for the week, marking its worst weekly settlement since Dec. 16.

Likewise, the S&P 500 Index (SPX - 1,278.04) plummeted 32.3 points, or 2.5%, losing its foothold atop its 200-day trendline . For the week, the SPX hacked off 3%. Meanwhile, the Nasdaq Composite (COMP - 2,747.48) gave up its perch above its 200-day moving average, and plunged 79.9 points, or 2.8%. The COMP fared the worst of its fellow benchmarks for the week, falling 3.2%.

The CBOE Market Volatility Index (VIX - 26.66) climbed 10.8% today, finishing just off its session peak of 26.71, and marking its first daily close atop 26 since Dec. 14. For the week, the VIX leapt 22.5%

Today's highlight today's payrolls report

Turning to today's major market stories...

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

The recent pullback in oil futures continued, as fears about global demand heightened on downbeat economic data from home and abroad . July-dated crude slipped $3.30, or 3.8%, to end at $83.23 a barrel -- the lowest daily close since Oct. 7, and the largest percentage loss since May 4. For the week, oil burned off 8.4% of its value.

On the other hand, gold futures shot higher following the disappointing employment report. As investors sought the precious metal as protection against inflation, gold for August delivery jumped $57.90, or 3.7%, to land at $1,622.10 an ounce -- the largest percentage gain for a most-active contract since August. The commodity added 3.4% on the week.

Levels to Watch in Trading :

  • Dow Jones Industrial Average (DJI - 12,118.57) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,278.04) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 2,747.48) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

For today's notable annual highs and lows, click here .

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: BAC , HPQ , SPY , VMW , X

Schaeffer's Investment Research

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