"Early reports from this weekend's Group of Eight (G8) meeting
suggested leaders would like to keep the euro zone together, and
most participants seemed to favor growth," said Schaeffer's Senior
Equity Analyst Joe Bell. "Overseas markets showed their strength
this morning and U.S. stock markets followed suit on a day where
almost every sector participated." By the closing bell, the
Dow Jones Industrial Average (DJI)
ended its recent streak of weakness with a decided triple-point
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Schaeffer's Equities Analyst Bryan Sapp
isn't buying the market's rebound just yet
) options are coming
, but when?
Dow Jones Industrial Average (DJI - 12,504.48)
leapt 135.10 points, or 1.1%, today, landing just below its session
high of 12,508.11 -- tagged in the last hour of trading. All but
seven of the Dow's 30 components settled with wins, as Boeing
) and Caterpillar (
) led the outperforming majority with gains of 3.8% and 3.7%,
respectively. JPMorgan Chase (
) paced the losing blue chips with a 2.9% loss.
S&P 500 Index (SPX - 1,315.99)
trekked 20.8 points, or 1.6%, higher by the close, solidifying its
perch atop the 1,300 level. Meanwhile, the
Nasdaq Composite's (COMP - 2,847.21)
68.4-point, or 2.5%, jump was the best performance of its fellow
CBOE Market Volatility Index (VIX - 22.02)
fell 12.3% today, to close just off its session low of 22.01.
However, the VIX was able to keep its head well above the 20
: "We came into the session oversold on most of the major indices,
a bounce here wasn't a big surprise
," suggested Bell. "What was a surprise is that we were able to
hold onto our early gains and rally into the close, something the
market struggled with last week."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures reversed their six-day pullback and surged higher
today, as the Group of Eight (G8) reiterated their desire to see
Greece maintain its status as a euro-zone member nation. Crude for
June delivery gained $1.09, or 1.2%, to close at $92.57 a
Gold futures, however, were pushed lower as the weekend meeting
of the G8 failed to unanimously agree upon how to tackle the
persistent European debt crisis. June-dated gold edged lower by
$3.20, or 0.2%, to land at $1,588.70 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,504.48) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,315.99) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,847.21) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
At the end of every market day, the staff at Schaeffer's
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