A Flurry of Earnings Leaves Stocks Mixed, But Dow Climbs 58 Points

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"Apple Inc.'s ( AAPL ) earnings disappointment clearly hurt the tech sector today, but the overall market was quite resilient after experiencing three consecutive down days," said Schaeffer's Senior Equities Analyst Joe Bell. In fact, at its session peak, the Dow Jones Industrial Average (DJI) was in the green by more than 115 points.

Keep reading to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ


After the Dow Jones Industrial Average (DJI - 12,676.05) tagged its intraday peak of 12,732.77 just before entering the final hour of trading, the blue-chip barometer faltered slightly and ended with a 58.7-point, or 0.5%, win. Eighteen of the Dow's 30 components closed higher, as The Boeing Company's ( BA ) 2.8% earning-related rise paced outperforming issues. Hewlett-Packard Company ( HPQ ) led the 10 laggards with a 1.1% drop. Alcoa Inc. ( AA ) and The Procter & Gamble Company ( PG ) remained unchanged.

On the other hand, the S&P 500 Index (SPX - 1,337.89) and Nasdaq Composite (COMP - 2,854.24) were hit by pessimism surrounding APPL's quarterly miss. By the closing bell, the SPX was fractionally below breakeven, while the tech-rich COMP tuned in a 8.8-point, or 0.3%, loss.

The CBOE Market Volatility Index (VIX - 19.34) also drifted lower today, slipping 5.5% and landing atop its session low of 18.99.

Today's highlight : "There seems to be more and more talk about another round of quantitative easing arriving sooner rather than later, and the 1,333 level on the SPX held as support," stated Bell. "This area marks the site of the July low and also coincides with double the March 2009 low."

In other news, Joe gave a friendly shout out to colleague Ryan Detrick -- senior technical strategist here at Schaeffer's. "Ryan talked about the VIX on Yahoo! Breakout recently and host Matt Nesto gave him a new nickname. Congratulations, 'Big Daddy,'" laughed Bell. "It doesn't get much better than that."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Oil futures eked out a second consecutive win today, overcoming a surprise increase in weekly crude stockpiles and data showing new home sales were at their lowest point in more than a year. Following a rebound in U.S. equities and a faltering greenback, crude for September delivery gained 47 cents, or 0.5%, to close at $88.97 a barrel.

Gold futures surged into positive territory today, as continued pessimism about the slowing world economy spurred talk that the Federal Reserve will soon step in to stimulate the financial situation in the U.S. As the dollar drifted lower against the euro, August-dated crude jumped $31.90, or 2%, to land at $1,608.10 an ounce -- its loftiest settlement since July 5.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 12,676.05) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,337.89) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 2,854.24) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Click the links for coverage on today's notable annual highs and notable annual lows .

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: AA , AAPL , BA , HPQ , PG

Schaeffer's Investment Research

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