As the market continues to weather rumor-driven volatility this
week, every down day seems to be met with an up day. And so it
follows that the
Dow Jones Industrial Average (DJI)
enjoyed a triple-digit bounce today, reclaiming much more than it
burned off in the previous session. "While the market was in the
green for most of the day, we saw a late surge after word surfaced
that European central banks are preparing for a coordinated action
to provide liquidity (if needed) after this weekend's Greek
elections," noted Schaeffer's Senior Equity Analyst Joe Bell. "The
market liked what it heard and had a strong showing in the last
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- A falling wedge: Will the S&P 500 Index (
topple the 1,333 level
Wall Street abuzz
on the euro-zone, stocks
fight for weekly wins
In the last hour of trading, the
Dow Jones Industrial Average (DJI - 12,651.91)
soared to a session peak of 12,698.68. But by the closing bell
sounded, the Dow had backpedaled slightly, settling up 155.5
points, or 1.2%. All but two of the 30 blue chips rallied today, as
) and Home Depot (
) paced the outperformers with gains of 2.4% and 2.3%,
respectively. Meanwhile, Boeing (
) gave back 0.3%, while American Express (
) dropped 0.1%.
S&P 500 Index (SPX - 1,329.10)
leapt into positive territory, tacking on 14.2 points, or 1.1%. The
Nasdaq Composite (COMP - 2,836.33)
also finished in the black, increasing by 17.7 points, or 0.6%.
CBOE Market Volatility Index (VIX - 21.68)
retreated 10.7% today, closing just above its session nadir of
bad news out of Europe
in contention with the 1,333 level once again
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures reversed yesterday's pullback after data showing a
drop in consumer prices and an uptick in weekly unemployment fueled
hopes that the Federal Reserve will soon implement another round of
economic stimulus. Also, the Organization of the Petroleum
Exporting Countries (OPEC) agreed in a meeting to keep its
oil-production ceiling unchanged. By the close, July-dated crude
added $1.29, or 1.6%, to settle at $83.91 a barrel.
Likewise, gold futures finished trading just above breakeven,
marking a week's worth of wins in the process. The commodity
endured a volatile session, as speculators weighed today's domestic
data and the potential for another bout of quantitative easing
against the ongoing
in the euro zone. Against this backdrop, gold for August delivery
inched up 20 cents, or 0.4%, to land at $1,619.60 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,651.91) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,329.10) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,836.33) - 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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