Dow Jones Industrial Average (DJI)
rode another triple-digit upswing today, which helped the index
score its highest settlement since May 11. "Late yesterday, news
broke that central banks and the European Central Bank (ECB) would
be willing to provide liquidity to Greece, regardless of the
outcome of the elections," said Schaeffer's Senior Equity Analyst
Joe Bell. "That sent major indexes higher later yesterday, and we
saw continued momentum help most sectors finish in the green today.
The reassurance from the banks has made the outcome a little less
of a concern for some market participants, and that's why we're
seeing investors pile into the risk trade today."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Could this summer be ripe for a potentially
strong rally for the SPX
- Unearth possible
in the natural gas sector.
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for your portfolio?
Check out some charts with Bernie Schaeffer
and the Schaeffer's trading team.
Dow Jones Industrial Average (DJI - 12,767.17)
marched steadily higher today, racking up 115.3 points, or 0.9%, to
settle just below it session peak of 12,774.70 -- which was tagged
in the last minutes of trading. All but five of the 30 of the Dow's
components turned in gains, as Bank of America (
) paced the winning issues with a 3.1% increase, while Home Depot (
) slipped 0.6%. Over the past five sessions, the blue-chip
barometer enjoyed a 1.7% boost.
S&P 500 Index (SPX - 1,342.84)
also stayed north today, rallying 13.7 points, or 1%. The
Nasdaq Composite (COMP - 2,872.80)
enjoyed the best return of its fellow benchmarks, closing with a
36.5-point, or 1.3%, jump. For the week, the SPX fought its way
1.3% higher, while the COMP eked out a slimmer 0.5% win.
CBOE Market Volatility Index (VIX - 21.11)
retreated for a second straight day, pulling back 2.6%, and but
coming off its session low of 20.61. The market's fear gauge inched
0.6% lower for the week.
: "The much talked-about Greek election finally arrives this
weekend," remarked Bell. "Surely, that will be all the talk when we
return on Monday morning."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to
Oil futures closed with a narrow victory today, as investors
wait on election results from Greece, and the
possibility of a global economic stimulus
that could follow. July-dated crude inched up 12 cents, or 0.1%, to
close at $84.03 a barrel. For the week, black gold edged
Likewise, expectations for global economic stimulus following
Sunday's Greek elections lifted gold futures, and extended their
winning streak to six days. As the commodity's safe-haven appeal
rose, gold for August delivery added $8.50, or 0.5%, to end at
$1,628.10 an ounce. The malleable metal saw a 2.3% gain for the
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,767.17) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,342.84) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,872.80) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
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