The DJIA sprinted higher amid global stimulus measures, strong blue-chip earnings, and rising oil
Stocks put a dent in
their monthly deficit, though it was still the worst January since 2009. The
Dow Jones Industrial Average (DJIA) enjoyed a triple-digit win, while the
S&P 500 Index (SPX) managed to claw its way out of correction territory.
An unexpected move by the Bank of Japan and well-received earnings for
Microsoft Corporation (NASDAQ:MSFT) and Visa Inc (NYSE:V) helped divert traders' attention from
a mixed batch of economic reports and
disappointing tech earnings. Meanwhile,
another day of upside for oil only stoked the bullish flames.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 16,466.30) spent the whole day in the green, settling with a 396.7-point, or 2.5%, gain. All 30 of the Dow's components gained ground, led by V's 7% pop. For the week, the DJI added 2.3% -- a second straight weekly victory -- but slumped 5.5% on the month.
The S&P 500 Index (SPX - 1,940.24) jumped 46.9 points, or 2.5%, while the Nasdaq Composite (COMP - 4,613.95) underperformed its peers with a 107.3-point, or 2.4%, advance. Week-over-week, the SPX and COMP added 1.6% and 0.3%, respectively. On a monthly basis, the SPX fell 5.2%, while the COMP plunged 8%.
The CBOE Volatility Index (VIX - 20.20), meanwhile, shed 2.2 points, or 9.9%, to close at its lowest level since Jan. 5. The market's "fear gauge" surrendered 9.6% on the week, but gained 10.9% on the month.
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5 Items on Our Radar Today:
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The advance reading on gross domestic product (GDP) showed
the U.S. economy grew at a 0.7% rate in the fourth quarter, as the dollar strengthened and demand for exports slowed. This arrived in line with economists' estimate, but was far short of the 2% GDP growth in the third quarter. (
CNBC)
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XRX not only
announced plans to split into two, but said Carl Icahn will now hold three seats on the board. The activist investor disclosed a stake in XRX last November.
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While Merck & Co., Inc. (NYSE:MRK) was rising on news of a regulatory nod, this sector peer jumped on positive data for its diabetes drug.
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Schaeffer's contributor Adam Warner offers his two cents on the best way to sell premium.
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Data courtesy of Trade-Alert
Commodities:
Crude oil rose for a fourth straight day -- a feat not accomplished since April -- as the U.S. active rig count declined for a sixth consecutive week. By the close, crude for March delivery was up 40 cents, or 1.2%, at $33.62 per barrel. Crude advanced 4.4% for the week -- its second in a row -- but declined for a third straight month, down 9.2%.
A lackluster GDP reading helped send gold higher today, with the April-dated contract rising 30 cents to $1,116.40 per ounce. On the week, the malleable metal added 1.8%, while month-over-month, gold tacked on 5%. It was gold's best monthly showing since last January.