Dow Edges Higher as Domestic Data Attracts Bulls Back to Street

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"It seems recently that we've been hit with a string of weak data pointing to a slowing U.S. economy," stated Schaeffer's Senior Technical Strategist Ryan Detrick. "So, it was nice to finally get some better-than-expected economic news, as the ISM services index for May came in a little higher than estimates. Nonetheless, it seemed like the market was simply catching its breath before making its next big move." The Dow Jones Industrial Average (DJI) battled through an up-and-down session today and ultimately made a modest leap into positive territory.

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

  • The European financial and political turmoil could devalue the greenback and buoy gold .
  • Plus, Ryan talked to the FOX Business Network about the potential for an upbeat summer and positivity in the consumer sector .
And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

The Dow Jones Industrial Average (DJI - 12,127.95) started the day at its session low of 12,072.17, and then began its trek north. By the closing bell, the Dow added 26.5 points, or 0.2%, ending off of its session peak of 12,147.55, Seventeen of the 30 blue chips closed the day with gains, as JPMorgan Chase ( JPM ) paced the winners with a 3.2% jump. United Technologies ( UTX ) led the thirteen laggards with a 0.8% drop.

The S&P 500 Index (SPX - 1,285.50) notched a second straight day higher, tacking on 7.3 points, or 0.6%. Meanwhile, the Nasdaq Composite (COMP - 2,778.11) fared the best of its fellow benchmarks and turned in a 18.1-point, or 0.7%, climb.

The CBOE Market Volatility Index (VIX - 24.68) recorded a 5.5% loss today, landing just atop its session low of 24.50.

Today's highlight

Turning to today's major market stories...

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

Oil futures ended a second-straight session in positive territory, catching a lift from the surprise rise in the Institute for Supply Management's (ISM) service sector report for April. July-dated crude added 31 cents, or 0.4%, to close at $84.29.

Gold futures were also able to eke out a win today. Even though the dollar strengthened on the upbeat ISM data, gold for August delivery inched up $3, or 0.2%, to end at $1,616.90 an ounce.

Levels to Watch in Trading :

  • Dow Jones Industrial Average (DJI - 12,127.95) - support at 11,500; resistance at 14,000

  • S&P 500 Index (SPX - 1,285.50) - support at 1,100; resistance at 1,500

  • Nasdaq Composite (COMP - 2,778.11) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

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: FB , JPM , MRVL , SBUX , UTX

Schaeffer's Investment Research

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