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Dow Rebounds, Secures First Weekly Gain in Five
9/6/2013 4:22:00 PM
By: Schaeffer's Investment Research
"We saw quite a bit of economic data released again this
morning, with most of the jobs numbers failing to beat
expectations," observed Schaeffer's Senior Equity Analyst Joe Bell,
CMT. "Today was all about Syria, though, as President Obama gave a
speech at the G-20 summit. Uncertainty remains high, and the market
experienced a ton of intraday volatility, but in the end, most of
the major sectors finished slightly in the green." Likewise, the
Dow Jones Industrial Average (DJI)
managed to ease earlier losses, and closed in positive territory
for the week.
The Dow Jones Industrial Average (DJI - 14,922.50) plunged to an intraday low of 14,789.40 early on in the session, but clawed its way into the black during the afternoon. However, a last-minute dip caused the blue-chip barometer to close 15 points, or 0.1%, lower. The Dow's 15 advancers were led by Hewlett-Packard's ( HPQ ) 1.4% climb, while DuPont (DD) paced the 14 decliners with a loss of 0.9%. General Electric (GE) remained unchanged. For the week, the index managed a gain of 0.8% -- its first in five.
The S&P 500 Index (SPX - 1,655.17) took a similar tumble this morning, but eked out a slight advance of 0.1 point, or 0.01%. Meanwhile, the Nasdaq Composite (COMP - 3,660.01) tacked on 1.2 points, or 0.03%. On a weekly basis, the indexes added 1.4% and 2%, respectively.
The CBOE Market Volatility Index (VIX - 15.85) surged to a session high of 16.81 around 10:00 a.m. ET, and then erased most of its gains throughout the day. By the close, the "fear gauge" was 0.1 point, or 0.5%, higher, but finished the week with a 6.8% decline.
A Trader's Take :
"Although it seemed like it was going to be a big down day early on, buyers came into the market in heavy force late this morning, and helped the Dow rally more than 100 points off its session lows," Bell summarized. "The market continues to remain resilient in the face of all this uncertainty."
3 Things to Know About Today's Market :
5 Stocks We Were Watching Today :
For a look at today's options movers and commodities activity, head to page 2.
Crude futures surged to their highest close since May 2011, as escalating tensions over Syria triggered concern over potential oil disruptions in the Middle East. By the time the dust settled, October-dated oil gained $2.16, or 2%, to end at $110.53 per barrel. On a weekly basis, black gold surged 2.7%.
Meanwhile, gold futures advanced, as today's lackluster jobs data led to a weaker dollar. The precious metal's December contract added $13.50, or 1%, to finish at $1,386.50 an ounce. For the week, however, gold dipped 0.7%.