"Stocks rose moderately today, as new money entered the market
-- probably related to the beginning-of-the-month positive bias,"
said Schaeffer's Senior Options Strategist Tony Venosa, CMT.
"Europe saw selling pressure from disappointing employment and
inflation data, while China's PMI came in better than expected.
Here at home, the ISM's manufacturing index rose to its highest
level since April 2011." As a result, the
Dow Jones Industrial Average (DJI)
closed firmly in the black, and finished higher for the week.
Continue reading for more on today's market, including
Manufacturing activity surged in October, Chevron Corporation (
) fell short of consensus earnings estimates, and First Solar, Inc.
) attracted a crop of post-earnings call players.
Dow Jones Industrial Average (DJI - 15,615.55)
was parked in positive territory for most of the session, tagging
an intraday high of 15,649.40 within the first hour of trading. By
the close, the index was up 69.8 points, or 0.5%. For the week, the
Dow added 0.3%. The Boeing Company (BA) and JPMorgan Chase &
Co. (JPM) led the 25 advancing blue chips with gains of 1.9% each,
while Chevron Corporation's (
) earnings-induced decline of 1.6% paced the five laggards.
S&P 500 Index (SPX - 1,761.64)
spent time on both sides of breakeven, but finished the session
with a gain of 5.1 points, or 0.3%. Meanwhile, the
Nasdaq Composite (COMP - 3,922.04)
advanced 2.3 points, or 0.1%. On a week-over-week basis, the SPX
climbed 0.1%, and the COMP fell 0.5%.
CBOE Volatility Index (VIX - 13.28)
stumbled at the opening bell, and then moved higher around midday.
Nevertheless, the "fear barometer" ended up with a loss of 0.5
point, or 3.4%, by the close. For the week, the VIX tacked on
3 Things to Know About Today's Market
- The Institute for Supply Management (ISM) said its
arrived at 56.4 in October -- up from the previous month's figure
of 56.2, and marking the gauge's highest level since April 2011.
Economists, on average, were expecting a reading of 55.
Motor vehicle sales
hit a multi-month low in October, slipping to a seasonally
adjusted yearly rate of 15.23 million last month from 15.28
million in September. The consensus view was calling for an
annual rate of 15.4 million.
- Chevron Corporation (
of $4.95 billion, or $2.57 per share, down from $5.25 billion, or
$2.69 per share, in the year-ago period. On average, analysts
were projecting a per-share profit of $2.71.
5 Stocks We Were Watching Today
Netflix, Inc. (NFLX)
received an upgrade at Baird, marking a rare vote of confidence
from the bearishly skewed brokerage bunch.
- Call volume surged on
First Solar, Inc. (
, after the firm reported stronger-than-expected quarterly
earnings last night.
Apple Inc. (AAPL)
-- which has been targeted by call buyers in recent weeks -- made
its iPad Air available for purchase today.
- A web and mobile app redesign for
Groupon Inc (GRPN)
may have triggered a flurry of last-minute bullish bets on the
AT&T Inc. (T)
saw a rise in put activity, as one bearish speculator forecast a
sharp near-term decline for the telecom concern.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures took another hit today, amid abundant oil supplies
and a strengthening dollar. By the close, the December contract
fell $1.77, or 1.8%, to end at $94.61 per barrel -- the lowest
settlement for a most-active contract since June 21. For the week,
crude declined 3.3%.
Meanwhile, a stronger greenback weighed on gold futures, as
well, with December-dated gold falling $10.50, or 0.8%, to finish
at $1,313.20 an ounce. On a weekly basis, the precious metal lost