Stock Indices: Dow Jones reaches highs unseen in almost four months on solid US employment numbers

On Friday Dow Jones Industrial Average traded within the range of 17,568.67-17,811.17. The benchmark closed at 17,793.23, rising 0.61% (107.79 points) on a daily basis. It has been the 26th gain in the past 43 trading days and also the sharpest one since March 18th. The daily high has been the highest level since December 7th 2015, when the Dow went up as high as 17,845.49. In weekly terms, the blue-chip gauge added 1.58% to its value during the past week. It has been the 8th gain in the past 13 weeks. The Dow advanced 7.08% in March, while extending the gain from February.

Equities rose sharply on Friday after it became clear US employers in all sectors of the economy, excluding the farming industry, added 215 000 job positions in March, following a revised up job growth of 245 000 in the preceding month (242 000 previously). The median forecast by experts pointed to a lesser employment growth in March – 205 000 jobs. Employment increased in segments such as retail trade, construction, and health care, while decreasing in manufacturing and mining. At the same time, the rate of unemployment in the country rose to 5.0% in March from 4.9% in February, the official government report revealed.

Among the companies included in the benchmark, 6 posted a daily decline on Friday and 24 posted a daily gain. Shares of Chevron Corporation (CVX) recorded the worst performance within the Dow on April 1st, going down 1.20% to close at $94.26. It has been the 8th drop in the past 20 trading days and also the steepest one since March 23rd. April 1st low of $93.32 per share has been the lowest price level since March 29th, when a low of $92.94 a share was registered. Chevron shares added 14.33% to their value in March, breaking a string of three consecutive monthly declines.

Exxon Mobil Corporation (XOM) was the second worst performer within the DJIA on April 1st, depreciating 0.75% to close at $82.96 per share. It has been the 9th drop in the past 20 trading days and also a third consecutive one. April 1st low of $82.39 per share has been the lowest price level since March 16th, when a low of $81.94 was recorded. Exxon Mobil added 4.29% to its value in March, while extending the gain from a month ago.

Energy sector shares marked a decline on Friday, as several media reported Saudi Arabia will probably refuse to comprehensively freeze oil production levels later in April, unless Iran pledges to limit its own production as well.

At the same time, the shares of Goldman Sachs Group Inc (GS) registered the most notable daily increase within the DJIA on April 1st, going up 1.81%, to close at $159.82, while marking their 10th gain in the past 20 trading days, a fifth consecutive one and also the steepest one since March 18th. April 1st high of $160.01 per share has been the highest price level since February 1st, when a high of $161.00 a share was registered. Goldman Sachs rose 4.98% in March, breaking a string of three successive monthly declines.

Merck & Company Inc (MRK) was the second best performer within the Dow on Friday, appreciating 1.49%, to close at $53.70. It has been the 9th gain in the past 20 trading days and also the sharpest one since March 1st. April 1st high of $53.79 per share has been the highest price level since December 17th 2015, when a high of $54.25 was recorded. In addition, the daily trading volume (8.68M) has been the highest since March 23rd. Merck & Co added 5.38% to its value in March, following four consecutive months of decline.

In weekly terms, 4 shares registered a decline and 26 marked an increase last week.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the Monday pivot levels for DJIA are presented as follows:

R1 – 17,815.46
R2 – 17,837.69
R3 (range resistance) – 17,859.92
R4 (range breakout) – 17,926.61

S1 – 17,771.00
S2 – 17,748.77
S3 (range support) – 17,726.54
S4 (range breakout) – 17,659.86

By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,679.79
R1 – 17,924.61
R2 – 18,056.00
R3 – 18,300.82

S1 – 17,548.40
S2 – 17,303.58
S3 – 17,172.19