Stocks scored their first weekly gain since the week of Christmas. Markets rallied after crude oil jumped 9%, its best one-day gain since August. Oil ended the day above $32 a barrel again. Sotheby's (BID) ended the day higher after announcing it would eliminate its quarterly dividend, effective immediately. The auction house also added $200 million to its stock buyback program. Cigna (CI) fell after U.S. regulators temporarily banned the health insurer from offering certain policies to new patients. Sprint (S) saw its best daily performance in more than two years after moving up the date it will report earnings. Shares hit their lowest levels in several years this week.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.