Stocks Slightly Higher Amid CBOE Outage, Jobless Claims News

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"When you consider last week was the worst week so far this year, it has been nice to see buyers stepping in these last few days," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. The Dow Jones Industrial Average (DJI) bounced back from yesterday's modest loss but closed off its intraday peak. Meanwhile, as Detrick noted, "The S&P 500 Index (SPX) made it up to the 1,590 area and ran into some trouble. That spot was the peak earlier this month, so it makes sense to have some hesitation there."

Continue reading for more on today's market, including :

plus...
  • Stocks move slightly higher, the CBOE goes dark, and one Wells Fargo ( WFC ) bull bets big.

The Dow Jones Industrial Average (DJI) pared some of its losses from Wednesday's session, rising 24.5 points, or 0.2%, to 14,700.80 after testing its 10-day moving average at its intraday low. Of the blue-chip index's 30 members, 19 were higher on the day, with Verizon Communications ( VZ ) leading the charge on rumors that it may make a bid for full control of Verizon Wireless. 3M ( MMM ) paced the declining minority, shedding 2.8% after its quarterly earnings report.

The S&P 500 Index (SPX) settled for a gain of 6.4 points, or 0.4%, at 1,585.16, topping out at 1,592.64 around 2:00 p.m. Eastern. The Nasdaq Composite (COMP) was the outperforming index of the day, gaining 0.6%, or 20.3 points, to finish the session at 3,289.99.

The CBOE Market Volatility Index (VIX) -- halted in the a.m. due to issues at the CBOE -- ended the day just 0.01 point higher, adding less than 0.1% to 13.62.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A Trader's Take :

"Overall, the recent batch of earnings have been much better than what we saw last week," observed Detrick. "This has helped spark this week's snap-back rally, in my opinion."

3 Things to Know About Today's Market :

  • A day before its 40th birthday, the Chicago Board Options Exchange (CBOE) was crippled by a systems outage , which resulted in a trading delay of more than three hours. The issue was fixed by 1:00 p.m. Eastern Time, before which options on the CBOE Market Volatility Index (VIX) were unavailable for trading. (Chicago Tribune)
  • Weekly jobless claims fell by a larger-than-expected 16,000 to a seasonally adjusted 339,000, which was just shy of a new five-year low. (The Wall Street Journal)
  • In blue-chip earnings news, Exxon Mobil (XOM) announced first-quarter results of $2.12 per share (excluding items), topping expectations of $2.05 per share. Revenue also exceeded estimates.

5 Stocks We Were Watching Today :

  1. The back-and-forth posturing continued on Apple Inc. (AAPL), which earned an upgrade ahead of the open.
  2. A large block of long-term calls traded hands in the Wells Fargo & Co. ( WFC ) pits.
  3. Speculative bears scooped up back-month puts in Alcatel Lucent SA (ALU).
  4. Pandora Media Inc (P) hopefuls are anticipating a 10% move in the next few weeks.
  5. Call buyers gambled on post-earnings upside in United States Steel (X).

EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Encouraging economic news out of the U.K. and a sagging U.S. dollar helped boost oil prices to their highest level in more than two weeks. At the close, June crude futures were up $2.21, or 2.4%, at $93.64 per barrel.

Meanwhile, gold futures posted their sharpest one-day gain in 2013, assisted by an ailing greenback and building demand for the yellow metal. June-dated gold closed the session at $1,462 an ounce, up $38.30 on the day, or 2.7%.

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: MMM , SIRI , VZ , WFC , YHOO

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