Dow Climbs 115 Points, Optimism Lifts on Greek Elections

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The 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:

  • Could this summer be ripe for a potentially strong rally for the SPX ?
  • Unearth possible bullish opportunities in the natural gas sector.
  • Are small caps the answer for your portfolio?
  • Check out some charts with Bernie Schaeffer and the Schaeffer's trading team.
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The 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 ( BAC ) paced the winning issues with a 3.1% increase, while Home Depot ( HD ) slipped 0.6%. Over the past five sessions, the blue-chip barometer enjoyed a 1.7% boost.

The 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.

The 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.

Today's highlight : "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 page 2.

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 fractionally lower.

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 week.

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

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

For today's notable annual highs and lows, click here .

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: BAC , CSCO , FSLR , HD , V

Schaeffer's Investment Research

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