The SPX and COMP surged to all-time highs following a blowout jobs report
The
Dow Jones Industrial Average (DJIA) took off this morning on a
stronger-than-expected nonfarm payrolls report and never looked back. Specifically, the Dow finished with a triple-digit win, easily erasing its weekly deficit, with blue-chip stock Merck & Co., Inc. (NYSE:MRK) leading the way higher thanks
this drugmaker's misfortune. As usual, with stocks and rate-hike expectations soaring, safe-haven gold tumbled -- suffering its worst day since late May. Meanwhile, the
S&P 500 Index (SPX) and
Nasdaq Composite (COMP) each hit record highs thanks to the jobs report.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,543.53) spent the entire day in the green, finishing up 191.5 points, or 1%. MRK paced the 27 winning Dow components, adding 10.4%, while Verizon Communications Inc. (NYSE:VZ), Procter & Gamble Co (NYSE:PG), and The Coca-Cola Co (NYSE:KO) each finished slightly lower. On a weekly basis, the Dow added 0.6%.
The S&P 500 Index (SPX - 2,182.87) popped 18.6 points, or 0.9%, to close at an all-time high. The Nasdaq Composite (COMP - 5,221.12) jumped 54.9 points, or 1.1%, for its highest settlement price ever. On a week-over-week basis, the SPX and COMP advanced 0.4% and 1.1%, respectively.
The CBOE Volatility Index (VIX - 11.39) fell 1 point, or 8.3%, and tagged an annual closing low. For the week, the market's "fear gauge" shed 4%.
5 Items on Our Radar Today:
- According to the Labor Department, the U.S. economy added 255,000 jobs in July, far more than expected. Also, the unemployment rate held steady at 4.9%, while average hourly earnings rose by eight cents. (Reuters)
- With back-to-school season in full swing, 12 states -- including Florida, Ohio, and Texas -- will allow shoppers to buy school supplies and clothing this weekend without charging sales tax. (USA Today)
- 4 solar stocks losing the confidence of Wall Street.
- The stock that ruined Oprah Winfrey's day.
- Ahead of the Olympics, bearish bets have heated up on the iShares MSCI Brazil Index (ETF) (EWZ).
Data courtesy of Trade-Alert
Commodities:
A surging dollar weighed on crude oil today, with pressure exacerbated by another weekly rise in the number of operational rigs in U.S. oil fields. At the close, September-dated crude was down 13 cents, or 0.3%, at $41.80 per barrel. On a weekly basis, liquid gold tacked on 0.5%.
The dollar also dealt a blow to gold, while a red-hot stock market dimmed the appeal of "safe havens." Specifically, gold for December delivery dove $23, or 1.7%, to settle at $1,344.40 per ounce -- its worst single-day plunge in 10 weeks. On a week-over-week basis, gold declined 1%.
Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View.