The S&P topped the key 2,800 level
Stocks kicked off March on a high note, as traders cheered positive U.S.-China trade headlines. However, a round of dreary economic data, including weak readings on consumer sentiment and U.S. manufacturing -- the latter of which showed factory activity slowed to a level not seen since November 2016 -- kept a lid on gains, as the Dow, S&P 500, and Nasdaq all closed well off their intraday highs. And while the Nasdaq extended its weekly win streak to 10, the longest since 1999, the Dow left its historic streak at nine.
Continue reading for more on today's market, including:
- Why it's time to strike on Square stock.
- Behind the $39 million Bristol-Myers Squibb options trade.
- Plus, FAANG buzz sends Kroger lower; Jefferies thinks this retail stock will double; and Ally Financial flashes bullish options signal.
The Dow Jones Industrial Average (DJI - 26,026.32) was up more than 227 points at its session peak, before paring this gain to 110.3 points, or 0.4%. Chevron (CVX) paced 26 Dow advancers with its 2% pop, while Walgreens Boots Alliance (WBA) led the decliners with its 6.4% loss. For the week, the Dow fell 0.02%.
The S&P 500 Index (SPX - 2,803.69) added 19.2 points, or 0.7%, to close above the key 2,800 level, while the Nasdaq Composite (IXIC - 7,595.35) gained 62.8 points, or 0.8%. On a weekly basis, the SPX and IXIC rose 0.4% and 0.9%, respectively.
The Cboe Volatility Index (VIX - 13.57) shed 1.2 points, or 8.2%, to close back below its 10-day moving average. The market's "fear gauge" rose 0.4% on the week.
5 Items on our Radar Today
- New York is trying to woo Amazon (AMZN) back into its good graces after the e-tailer cancelled plans to build its second headquarters in Long Island City. New York Governor Andrew Cuomo said he's "had many conversations with Amazon. I hope that they reconsider." (MarketWatch)
- Lyft filed initial public offering (IPO) papers with the U.S. Securities and Exchange Commission (SEC) today. The filing revealed the ride-sharing service chalked up a net loss of $911 million last year on $2.2 billion in revenue, compared to a 2017 net loss of $688.3 million on revenue of $1.1 billion. The company plans to trade on the Nasdaq using the symbol "LYFT." (Bloomberg)
- Fresh news of FAANG competition had Kroger swinging lower.
- Why Jefferies thinks this retail stock can double.
- Rallying Ally Financial just flashed a bullish options signal.
Data courtesy of Trade-Alert
Oil Prices, Gold Down Sharply on the Week
April-dated crude plunged $1.42, or 2.5%, to settle at $55.80 per barrel, as disappointing economic data offset a Reuters report the Organization of the Petroleum Exporting Countries (OPEC) cut crude production by 300,000 barrels per day in February. Oil prices fell 2.6% week-over-week.
Gold for April delivery dove $16.90, or 1.3%, to settle at $1,299.20 an ounce -- below the psychologically significant $1,300 per-ounce mark -- as the U.S. dollar strengthened. For the week, gold prices fell 2.5%, its biggest weekly decline since mid-August.