"The broad markets experienced a steady climb throughout the
day, closing near their intraday highs," noted Schaeffer's Senior
Equities Analyst Joe Bell. In fact, the
Dow Jones Industrial Average (DJIA)
extended its winning streak to a sixth straight session, touching
yet another all-time peak. The catalyst? "It was all about the
February nonfarm payrolls report, which came in much better than
Continue reading for more on today's market, including
- Bernie Schaeffer On Charts: Four reasons
is "pretty much the definition" of S&P 500 Index (SPX)
- Why Schaeffer's Senior Trading Analyst Bryan Sapp thinks more
is on the way.
- Carl Icahn isn't the only one with sights on
Herbalife Ltd. (
. So, too, is Schaeffer's Senior Options Strategist Tony Venosa,
- The Dow just won't quit, encouraging signs on the employment
front, and the driving force behind Pandora Media Inc's (
) new high.
Dow Jones Industrial Average (DJI)
notched its sixth consecutive win, ending at 14,397.07 after
touching a record high of 14,413.17 in intraday trading. By the
close, the blue-chip barometer tacked on 67.6 points, or 0.5%, as
23 of its 30 components finished on positive ground. The Walt
Disney Company (
) paced the advancing majority, adding 1.9%, while Bank of America
) blazed the trail lower with a 1.6% drop. For the week, the Dow
S&P 500 Index (SPX)
climbed 6.9 points, or 0.5%, to end at 1,551.18, after tagging a
fresh five-year peak of 1,552.48. Not to be outdone, the
Nasdaq Composite (COMP)
gained 12.3 points, or 0.4%, to settle at 3,244.37, after touching
a 12-month high of 3,248.70. For the week, the SPX and COMP added
2.2% and 2.4%, respectively.
CBOE Market Volatility Index (VIX)
fell 0.5 point, or 3.6%, to close at 12.59, marking its lowest
daily close since Feb. 19. For the week, the market's "fear
barometer" shed 18%.
A Trader's Take
"In addition to the improving employment situation, it was
revealed last night that all but one of the major private banks
passed the stress tests," stated Bell. "From a broader sentiment
standpoint, the market continues to shrug off seemingly negative
news and keep churning higher."
3 Things to Know About Today's Market
- The U.S. added a bigger-than-expected 236,000 jobs in
February, the Labor Department reported, while the
dropped to its lowest level of the Obama administration.
- All but one of the 18 largest U.S. banks have the capital to
ride out a deep recession
, according to the Federal Reserve's latest round of stress
- Despite its first new Happy Meal entrée in 10 years, and
thanks to last year's leap year, McDonald's Corporation (
reported a drop
in U.S. same-store sales in February. Nevertheless, the figures
exceeded analysts' expectations.
5 Stocks We Were Watching Today
- Stronger-than-expected earnings lured
to Pandora Media Inc (
- Eleventh-hour traders
rolled the dice
on Apple Inc. (AAPL).
- Intel Corporation (INTC) bucked the
, but that didn't deter bullish options bettors.
- Speculators scooped up
on fellow blue chip Exxon Mobil Corporation (XOM).
- Goldman Sachs Group, Inc. (GS) lagged its
, attracting a fresh influx of pessimistic positions.
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures ended higher today, following suit with equity gains
after a bullish jobs report. Crude for April delivery added 39
cents, or 0.4%, to finish at $91.95 per barrel. For the week, black
gold rose 1.4%.
Gold futures also advanced, as the contract's two-week low in
intraday action lured some buyers by the close. April-dated gold
wrapped up on a gain of $1.80, or 0.1%, at $1,576.90 per ounce. On
a weekly basis, the precious metal rose 0.3%.
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
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