"After one of the worst days in months, the market snapped back
today," noted Schaeffer's Senior Technical Strategist Ryan Detrick,
CMT. "The issues over Syria are still out there, but without any
new developments, the bulls took charge. Of course, volume is still
incredibly light and it is tough to put much stock in the move."
Dow Jones Industrial Average (DJI)
muscled steadily higher throughout the session, and closed with
Continue reading for more on today's market, including
The U.N. convened to discuss Syria, JPMorgan Chase (
) got hit with more potential fines, and call buyers descended on
Dow Jones Industrial Average (DJI - 14,824.51)
traded north of breakeven for nearly all of the lightly traded
session, paring a modest portion of yesterday's 170-point loss.
Though the blue-chip index peaked at 14,867.40 in the final hour of
trading, some eleventh-hour selling left the Dow up just 48.4
points, or 0.3%. Hewlett-Packard (
) led the index's 20 advancers with a gain of 2.8%, while Procter
& Gamble (PG) brought up the rear, dropping 1.4%.
S&P 500 Index (SPX - 1,634.96)
behaved in similar fashion, gaining ground throughout the session
until just before the close. By the time the dust settled, the
index was up 4.5 points, or 0.3%. Elsewhere, the
Nasdaq Composite (COMP - 3,593.35)
trekked 14.8 points higher, gaining 0.4%.
CBOE Market Volatility Index (VIX - 16.49)
slid modestly lower on the heels of its highest close since late
July. The market's "fear barometer" gave back 0.3 point, or 1.7%,
on the day.
A Trader's Take
"The best part about today," mused Detrick, "was that we're a
day closer to September, when trading desks will be fully staffed.
In the end, the Russell 2000 Index (RUT) bounced off the
psychologically significant 1,000 level, which I continue to think
is huge. It was resistance until an early July breakout, and now it
should serve as strong support. So far, so good."
3 Things to Know About Today's Market
- The National Association of Realtors reported that its
pending home sales index
slid 1.3% from the previous month to 109.5, which was a slightly
wider drop than economists were expecting. On a year-over-year
basis, however, sales rose 6.7%.
(Los Angeles Times)
- The U.N. Security Council convened to discuss
authorization for military strikes
against Syria. Russia and China, who hold veto power, have
advised the U.S. not to move forward with missile strikes before
first gaining U.N. clearance.
- The Federal Housing Finance Agency (FHFA) is looking to
collect at least
$6 billion in fines
from JPMorgan Chase (
). The regulator maintains the banking giant knowingly sold
Fannie Mae and Freddie Mac bad mortgages, resulting in billions
of dollars in losses.
(New York Post)
5 Stocks We Were Watching Today
- Following yesterday's turn in the earnings confessional,
Tiffany & Co (TIF)
received a price-target hike at Deutsche Bank this morning.
- Near-term option bulls swooped down on
ahead of its August sales report, due for release next week.
upbeat second-quarter earnings results didn't stop Janney from
lowering its price target for the stock.
- Pessimistic speculators wagered on a longer-term decline for
, despite the security's technical prowess.
attracted front-month and weekly call players, with both groups
counting on short-term gains.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures surged on continued Syria-related jitters,
dismissing news of an unexpected increase in weekly stockpiles. By
the close, October-dated oil had gained $1.09, or 1%, to $110.10
per barrel, the highest close in more than two years.
Elsewhere, however, gold futures edged slightly lower after
yesterday's safe-haven bounce. The December-dated gold contract
fell just $1.40, or 0.1%, to settle at $1,418.80 an ounce.