The
Dow Jones Industrial Average (DJI)
extended Tuesday's rally, catching a welcome lift from upbeat
domestic data, including more from the housing sector. "The market
got a nice kick start when Lennar (
LEN
) reported better-than-expected earnings, and then pending home
sales for May came in more than 10 times above consensus
estimates," said Senior Equities Analyst Joe Bell. "Most sectors
finished in the green, but the S&P 500 Index found itself
within a volatile trading range, right near the 1,333 level --
which is double its March 2009 low and the site of previous
resistance."
Click through to see what else was on our radar today:
- Knock! Knock! Who's there? Are homebuilders the answer to
solving
Wall Street's recent weakness
?
- Plus, get the latest on
this summer's hottest sectors
, and
blazing broad-market technicals
.
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 12,627.01)
jumped 112 points to a session high of 12,646.87 in the last
minutes of trading, and finally found a perch 92.3 points, or 0.7%,
higher today. All but six of the Dow's 30 components finished with
gains, as JPMorgan Case & Co.'s (
JPM
) 3% rise paced the winning issues. McDonald's Corporation (MCD)
led the losing minority with a 0.9% dip.
The
S&P 500 Index (SPX - 1,331.85)
nearly doubled yesterday's increase, adding 11.9 points, or 0.9%,
by the closing bell. Meanwhile, the
Nasdaq Composite (COMP - 2,875.32)
jumped 21.3 points, or 0.7%.
The
CBOE Market Volatility Index (VIX - 19.45)
slipped 1.4% today, finding its footing just atop its session low
of 19.38.
Today's highlight
: "The best thing about today's market had to be the
incredible streak of good news for the
homebuilders
," remarked Bell. "Besides LEN's strong earnings report, today
marked the third day in a row of strong housing data."
"Tomorrow we're expected to get the greatly anticipated Supreme
Court ruling on Obama's health care program, which could affect
drug manufacturing stocks and health care companies greatly."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures made it two in a row today, benefitting from the
Energy Information Administration's (EIA) report that oil
stockpiles fell last week, as well as upbeat housing and durable
goods data. Crude for August delivery added 85 cents, or 1.1%, to
settle at $80.21 a barrel.
Following yesterday's sell-off, gold futures eked out a win
today. The commodity got an early boost from word the European
Central Bank (ECB) might reduce interest rates in the region.
August-dated gold inched up $3.50, or 0.2%, to settle at $1,578.40
an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,627.01)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,331.85)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,875.32)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
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