"This morning, it was all about the worse-than-expected jobs
report and the market's reaction," noted Schaeffer's Senior Equity
Analyst Joe Bell, CMT. "The major indexes initially sold off in
response to this poor economic news, but many buyers came in and
bought the dip. By the end of the day, most broad-market indexes
finished in the green or near breakeven." The
Dow Jones Industrial Average (DJI)
, however, closed in negative territory for both the day and week.
Continue reading for more on today's market, including
The latest nonfarm payrolls report fell notably short of
projections, wholesale inventories gained ground in November, and
put activity flourished on
Intel Corporation (
Dow Jones Industrial Average (DJI - 16,437.05)
spent the majority of the day in the red, and ended up closing 7.7
points, or roughly 0.1%, lower. For the week, the blue-chip index
shed 0.2%. The Dow's 15 advancers were led by Microsoft
) gain of 1.4%, while Chevron Corporation (
) paced the 15 decliners with a loss of 1.9%.
S&P 500 Index (SPX - 1,842.37)
stayed in negative territory for much of the session, as well, the
index eventually came back to finish 4.2 points, or 0.2%, higher on
the day. Meanwhile, the
Nasdaq Composite (COMP - 4,174.66)
advanced 18.5 points, or 0.4%. On a weekly basis, the SPX and COMP
added 0.6% and 1%, respectively.
CBOE Volatility Index (VIX - 12.14)
trekked steadily lower throughout the day, and was off 0.8 point,
or 5.8%, by the closing bell. Week-over-week, the "fear gauge"
A Trader's Take
"After what would seem like terrible economic news, the market
recovered quite well, for the most part," Bell continued. "After a
lot of different intraday action during the past several sessions,
the SPX finished slightly higher than where it started the
5 Items on Our Radar Today
- The Labor Department said
increased by 74,000 in December -- marking the narrowest gain in
three years, and falling considerably short of the consensus
view. Meanwhile, although the unemployment rate edged down to
6.7%, the drop was largely due to a decline of labor-market
- According to the Commerce Department,
wholesale inventories in the U.S.
rose 0.5% in November, compared to a downwardly revised 1.3% gain
in October. Still, the latest figure exceeded economists'
expectations for an increase of 0.4%. Excluding autos,
inventories climbed by 0.6%.
(Reuters via CNBC)
Facebook Inc (
received an upward price-target adjustment after touching a
record high during yesterday's session.
- The latest
Option Idea of the Week
explains why further gains could be in the cards for
Hewlett-Packard Company (HPQ)
- Put players pounced on
Intel Corporation (
ahead of earnings, including a spread strategist who utilized
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures climbed higher today, thanks to promising import
data out of China and a weaker greenback. The February contract
gained $1.06, or 1.2%, to settle at $92.72 per barrel. For the
week, however, crude shed 1.3%.
Meanwhile, gold futures also advanced on the day, as a
disappointing nonfarm payrolls report boosted the precious metal's
"safe-haven" appeal. As a result, February-dated gold tacked on
$17.50, or 1.4%, to end at $1,246.90 an ounce -- marking the
highest close for a most active contract since Dec. 11. On a weekly
basis, gold edged 0.7% higher.
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