At its session low, the
Dow Jones Industrial Average (DJI)
was off some 87 points. "But in the end, it was nice to see that
the buyers stepped up and the market finished well off its lows,"
reflected Senior Technical Strategist Ryan Detrick. "Volume was
light, and I'd expect more of that tomorrow as everyone gets ready
for Friday's jobs report."
Click through to see what else was on our radar today:
And now, a look at the numbers...
- See why Senior Equity Analyst Joe Bell is excited about
regional banks and homebuilders, but
turned off by big banks
"Sell in May and go away"?
Quantitative Analyst Chris Prybal researched an old market adage
for the Dow.
Optimism was on the rise
last week, according to the latest investor sentiment
- Plus, is it
time to short the iShares Russell 2000 Index Fund (
Dow Jones Industrial Average (DJI - 13,268.73)
fell as low as the 13,192.21 mark, but was able to pare some of its
losses and end with a deficit of just 10.8 points, or 0.08%. Just
over half of Dow's 30 components finished lower, as Alcoa (
) led the 16 laggards with a 2.4% slide. On the other hand, Intel (
) and Home Depot (
) paced the winning blue chips with gains of 0.8% each.
S&P 500 Index (SPX - 1,402.31)
held its footing above 1,400, but ended the day with a 3.5-point,
or 0.3%, decline. Meanwhile, the
Nasdaq Composite (COMP - 3,059.85)
climbed higher by 9.4 points, or 0.3%, turning in the best
performance of its fellow benchmarks.
CBOE Market Volatility Index (VIX - 16.88)
pulled back from its intraday peak of 17.63, but added 1.7% by the
time the dust settled. The VIX reclaimed its seat atop its 40-day
added 119,000 jobs in April, according to payroll giant
. The report fell short of expectations, which called for an
increase of 175,000.
tumbled by 1.5% in March to $460.46 billion, said the
, marking the steepest monthly decline since January 2009. However,
the sizable drop arrived right in line with the consensus
: "Today's talk was all about the weak ADP numbers," said Detrick.
"There's no doubt we've seen some weakening on the jobs front over
the past month, and this is further confirmation. Still, this could
just be a small blip on the radar, which makes Friday's monthly
jobs number all that much more important."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures tumbled lower today, as the commodity took a hit on
data showing that private-sector jobs grew at their slowest pace in
seven months. A larger-than-expected increase in domestic crude
inventories -- which hit their highest level since September 1990
-- also weighed on black gold. By the close, June-dated crude
lopped off 94 cents, or 0.9%, to land at $105.22 a barrel.
Similarly, gold futures tallied their third straight loss, as a
stronger dollar held the precious metal in negative territory all
day. Gold for June delivery dropped $8.40, or 0.5%, to settle at
$1,654 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 13,268.73) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,402.31) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 3,059.85) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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