Dow Gains 95 on Boost from Retail Data, Financial Sector

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The Dow Jones Industrial Average (DJI) slightly grazed negative territory this morning, but maintained its bullish momentum throughout the afternoon to secure a second-straight up day.

"After experiencing a pretty sizeable pullback during the past couple of weeks, it was nice to see some of the broad-market indices hold ground, and bounce off support levels," remarked Schaeffer's Senior Equities Analyst Joe Bell. "Overall, we saw a lot of strength from healthcare stocks, basic materials, and financials. Financial stocks were also given a boost with Citigroup Inc.'s ( C ) consensus-topping third-quarter earnings report."
Click through to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

Dow Jones Industrial Average (DJI - 13,424.23) BAC T

The S&P 500 Index (SPX - 1,440.13) and Nasdaq Composite (COMP - 3,064.18) battled out of the red this morning, and claimed victories by the time the closing bell sounded. The SPX gained 11.5 points, or 0.8%, while the COMP added 20.1 points, or 0.7%.

The CBOE Market Volatility Index (VIX - 15.27) slipped 0.9 point, or 5.4%, today, finding support at its 20-day trendline.

Today's highlight : "The market received some good news this morning, as September retail sales came in better-than-expected," pointed out Bell. "Telecom seems to be the one lone sector left out of the party. Investors have major concerns with the competitive environment for Verizon Communications Inc. (VZ) and AT&T Inc. ( T ), after Japan's Softbank announced a bid to acquire a majority stake in Sprint Nextel Corporation (S)."

Turning to today's major market stories...

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

While supply worries continue to be weighed against global demand concerns, crude futures were relatively flat at the close after dipping south of the $90-per-barrel level in intraday trading. By the end of the session, November futures gave up one penny, closing at $91.85 a barrel, marking a third consecutive loss.

Gold futures also slipped into the red today, but by a much larger margin. Today's broad-market upswing, as well as a rallying dollar, pulled the precious metal to its lowest daily close since Sept. 12. Against this backdrop, December-dated gold lost $22.10, or 1.3%, to settle at $1,737.60 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,424.23) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,440.13) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,064.18) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

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 , C , INTC , T , TRV

Schaeffer's Investment Research

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