"The best thing about today's market was the fact that the major
indexes rebounded, snapping three days of consecutive losses in the
S&P 500 Index (SPX)," noted Schaeffer's Senior Options
Strategist Tony Venosa, CMT. "The technology sector drove today's
action, as high-momentum solar and disk-drive names outperformed."
Meanwhile, investor optimism ahead of this week's employment data
helped lead the
Dow Jones Industrial Average (DJI)
to a triple-digit advance.
Continue reading for more on today's market, including
The trade gap narrowed in November, Janet Yellen was confirmed
as the next chair of the Federal Reserve, and
Netflix, Inc. (
faltered on some negative analyst attention.
Dow Jones Industrial Average (DJI - 16,530.94)
shot higher out of the gate -- and remained in the green for the
entire day -- before finishing 105.8 points, or 0.6%, higher. The
blue-chip bellwether's 24 advancers were led by UnitedHealth Group
) 3.1% gain, while JPMorgan Chase & Co. (JPM) paced the six
laggards with a drop of 1.2%.
S&P 500 Index (SPX - 1,837.88)
also spent the day north of breakeven, and tacked on 11.1 points,
or 0.6%, by the closing bell. Meanwhile, the
Nasdaq Composite (COMP - 4,153.18)
advanced 39.5 points, or 1%.
CBOE Volatility Index (VIX - 12.92)
stumbled at the start of the session, and ended 0.6 point, or 4.7%,
lower on the day.
5 Items on Our Radar Today
- The Commerce Department said the
U.S. trade deficit
unexpectedly contracted by 12.9% to $34.3 billion in November,
marking the narrowest gap since October 2009. The latest figure
was largely due to a 0.9% rise in exports, reaching the highest
level ever recorded.
- After a 56-26 vote last night, Janet Yellen became the first
confirmed to lead the Federal Reserve
. The former vice chair will take the reins from Ben Bernanke --
the current chair of the central bank -- at the end of January.
Netflix, Inc. (
took a bit of a tumble, after the stock received a bearish
brokerage note in pre-market action.
- Bearish speculators predicted continued losses for
J.C. Penney Company, Inc. (JCP)
through the end of the week.
NVIDIA Corporation (NVDA)
continued to rise amid buzz surrounding a new graphics chip, and
attracted a crop of longer-term bulls.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures edged higher for the first time this year, amid
expectations for another weekly decline in oil inventories. By the
time the dust settled, the February contract had added 24 cents, or
0.3%, to end at $93.67 per barrel.
Meanwhile, a stronger dollar dragged gold futures south, with
February-dated gold shedding $8.40, or 0.7%, to close at $1,229.60