Commodity prices level off

S&P 500

Friday's big news, of course, was the latest jobs data. The Labor Department surprised investors when it reported that payrolls were up 244,000 in April. The national unemployment rate ticked higher to 9%. The market continued to build upon the premarket gains throughout the morning, but the pace of the buying diminished. A comparison of a daily chart in oil and the 5 minute chart of the Dow on Friday morning reveal a great deal of similarities. A series of three slightly higher high with greater price overlap led to sharp selling. This selloff began with the 12:00 ET correction period intraday on Friday in the indices and the market remained weak throughout the rest of the session.

Nasdaq 100

The Dow Jones Industrial Average ($DJI) ended the day with a gain of 54.57 points, or 0.43%, and closed at 12,638.74 on Friday. Twenty-five of the Dow's thirty index components posted a gain. The top performers were Kraft Foods (KFT) (+2.07%), DuPont (DD) (+1.41%), American Express (AXP) (+1.37%), and Boeing (BA) (+1.10%). The weakest performers were Intel (INTC) (-1.52%), Procter & Gamble (PG) (-0.93%), and JP Morgan Chase (JPM) (-0.29%). The Dow ended the week lower by 1.34%.

The S&P 500 ($SPX) rose 5.10 points, or 0.38%, and closed at 1,340.20. The strongest percentage performers in the index were Fluor Corp. (FLR) (+7.89%), CF Industries Holdings (CF) (+6.63%), NVIDIA Corp. (NVDA) (+3.54%), and Netapp Inc. (NTAP) (+3.50%). The weakest were Carmax Inc. (KMX) (-6.03%), Washington Post Co. (WPO) (-4.70%), (PCLN) (-2.80%), and MetroPCS Communications (PCS) (-2.20%). The S&P 500 ended the week lower by 1.72%.

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