Markets Close Out Losing Week on Up Note
"The markets churned higher, as more and more reports are coming
out of Europe that indicate Cyprus may reach a resolution sooner
rather than later," said Schaeffer's Senior Equity Analyst Joe Bell
Dow Jones Industrial Average (DJI)
finished the week strong. "Technology continued to lag, but
consumer discretionary names faired quite well."
Continue reading for more on today's market, including :
- Schaeffer's Senior Options Strategist Tony Venosa, CMT, gives 10 reasons why investors should buy on any price pullbacks in Amgen ( AMGN ) -- part of our reader request series.
- Some well-known names were among the most active options list , including Apple ( AAPL ), Google ( GOOG ), and Hewlett-Packard ( HPQ ).
- And our Option Idea of the Week : market skepticism on Walgreen Company ( WAG ) could actually help fuel the drugstore chain's current rally even further.
- The markets close the week on an up note, Cyprus talks continue, and call trading leveled up for Level 3 Communications (LVLT) today.
The Dow Jones Industrial Average (DJI) ended the week on a strong note thanks to new hope that things will settle down in Cyprus. The Dow gained nearly 91 points, or 0.6%, to finish at 14,512.03. The 30-member Dow saw 22 of its members advance, led by Hewlett-Packard ( HPQ ), which climbed 3.2%. UnitedHealth Group (UNH) led the seven decliners by falling 1.1%. Alcoa (AA) was unchanged. For the week, the Dow finished down less than 0.1%, a mere 2 points below last Friday's close.
The S&P 500 Index (SPX) also gained, picking up 11 points, or 0.7%, to close at 1,556.89. The SPX lost 0.2% on the week. The Nasdaq Composite (COMP) finished at 3,245.00, up 22 points, or 0.7%. The week saw the COMP drop 0.1%.
The CBOE Market Volatility Index (VIX) fell 0.42 point, or 3%, to close at 13.57. The VIX gained 20.1% on the week.
A Trader's Take :
"It was a pretty slow day, but growth stocks took a slight leadership role," Bell said. "As the week comes to an end, it seems like most sectors have taken a bit of a breather after the strong momentum in early March."
3 Things to Know About Today's Market :
- Cyprus officials continued to negotiate with the European Union on a new bailout deal that could help the small country avoid bankruptcy. And it appears a potential deal with Russia is off the table. (CNNMoney)
- The ongoing saga surrounding the Dreamliner 787 from Boeing (BA) took another turn today, with the National Transportation Safety Board voicing displeasure at Boeing's handling of the investigation. (CBS News)
- Julius Genachowski, the chairman of the Federal Communications Commission, today announced he was resigning in the next few weeks after overseeing a huge expansion in wireless broadband and cellular competition. (USA Today)
5 Stocks We Were Watching Today :
- Level 3 Communications (LVLT) was barraged with call trading today.
- LinkedIn (LNKD) jumped on the charts today but that didn't deter short-term put buyers.
- Option bulls surrounded Micron Technology (MU) after a strong sales showing and a run up the charts.
- Bears were out in force on Tibco Software (TIBX) after the company released earnings and lowered expectations for the coming quarter.
- Jeweler Tiffany & Co. (TIF) saw a bevy of pre-earnings call buyers looking for a pop on the charts.
For a look at today's options movers and commodities activity, head to page 2.
Crude futures followed the equity markets higher today, with oil for May delivery finishing at $93.71 per barrel, up $1.26, or 1.4%. Oil gained 0.3% on the week.
Gold for April delivery fell $7.70, or 0.5%, to end at $1,606.10 per ounce, as the precious metal lost some of its safe-haven appeal on the improving outlook for Cyprus. Gold climbed 0.8% on the week.
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.