"While we once again experienced a lot of up-and-down price
action, many sectors hadn't ventured far from their starting point
by the closing bell" summarized Schaeffer's Senior Equity Analyst
Joe Bell, CMT. "We experienced quite an intraday reversal, as the
Dow Jones Industrial Average (DJI)
finished more than 100 points off its lows. The market definitely
showed a lot of resilience in the face of some early selling."
Continue reading for more on today's market, including
Consumer sentiment hits a six-year high, Starbucks (
) reports frothy earnings, and Herbalife (
) attracts long-term option bears.
Dow Jones Industrial Average (DJI - 15,558.83)
traded in a range between 15,560.97 and 15,405.16, ultimately
closing just above the breakeven mark (and near its intraday peak),
up 3.2 points, or less than 0.1%. On a weekly basis, the blue-chip
index edged 0.1% higher, keeping its streak of weekly wins alive.
) and Travelers (TRV) led the Dow's 15 advancers with gains of 0.9%
apiece, while Boeing (BA) and Hewlett-Packard (HPQ) sank 1% each to
pace the 14 decliners. Cisco Systems (
) was unchanged.
S&P 500 Index (SPX - 1,691.65)
fought its way back from an intraday low of 1,676.03 to close up
1.4 points, or 0.1%. Elsewhere, the
Nasdaq Composite (COMP - 3,613.16)
narrowly outperformed its index brethren once again, tacking on 8
points, or 0.2%. On the week, the SPX slipped fractionally lower,
shedding 0.03%, while the COMP gained 0.7%.
CBOE Market Volatility Index (VIX - 12.72)
hit an intraday high of 13.73 -- briefly overtaking its 10-day
moving average -- but closed down for the day as stocks reversed
higher. By the close, the VIX was off 0.3 point, or 1.9%. This
week, the fear barometer tacked on 1.4%.
A Trader's Take
"This week was all about earnings, and there wasn't a great
response from the latest round we saw," added Bell. "Next week,
however, we have GDP figures, a Fed meeting, and the employment
report for the month of July."
3 Things to Know About Today's Market
- The final July reading of the Thomson Reuters/University of
consumer sentiment index
arrived at 85.1 -- up from a preliminary reading of 83.9, and
exceeding consensus projections. The latest figure also marked a
six-year high for the index.
- Starbucks (
) enjoyed an earnings-induced surge today, after revealing a 25%
fiscal third-quarter profits
yesterday afternoon. The java giant posted earnings of $417.8
million, or 55 cents per share, which topped analysts'
expectations for a profit of 53 cents per share.
- Has Apple (AAPL) been dethroned as the world's most
lucrative mobile handset provider
? According to Strategy Analytics, it certainly looks that way.
The research firm found that Samsung's second-quarter operating
profit for its handset unit arrived at $5.2 billion, versus
Apple's profit of $4.6 billion. This is the first time the
Korea-based company has outpaced its American rival.
5 Stocks We Were Watching Today
- An earnings miss for
didn't stop several analysts from raising their price targets on
Micron Technology (MU)
attracted a rare crop of bearish near-term speculators.
poorly received quarterly earnings report sparked a slew of
downbeat brokerage notes.
- Call players rolled the dice on extended gains for
over the next few months.
- Longer-term put buyers are unimpressed by
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures settled at a two-week low, amid worries about
slowing demand in China. The September futures surrendered 79
cents, or 0.8%, to close the session at $104.70 per barrel. For the
week, black gold lost 3.1%.
While gold futures ended the session in the red, they closed in
positive territory for the third week in a row. The August contract
shed $7.30, or 0.6%, to close at $1,321.50 per ounce. On a weekly
basis, though, the precious metal added 2.2%.
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