Dow Leaves 15,000 In the Dust on Its 17th Positive Tuesday

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"The market's strong momentum continued," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT, of a day where the Dow Jones Industrial Average (DJI) toppled a millennium level and notched another new all-time high. "Bulls were inspired by some better-than-expected economic data out of Germany, as well as a few nice earnings reports."

Continue reading for more on today's market, including :

plus...
  • Another new record for the markets, a vote of confidence for Apple ( AAPL ), and a surge in volatility ahead of Tesla Motors ( TSLA ) earnings.

The Dow Jones Industrial Average (DJI) continued its unprecedented trend of positive Tuesdays, finishing higher for the 17th consecutive time. What's more, the Dow enjoyed its first-ever close north of 15,000 and tagged a new all-time high of 15,056.67 intraday. By the close, the index was just shy of this new peak, at 15,056.20, up 87.3 points, or 0.6%. Twenty-three of the Dow's 30 members moved higher on the day, with Caterpillar ( CAT ) leading the advancing majority with a gain of 2.5%. Cisco Systems (CSCO) dropped 2.1% to bring up the rear, while Wal-Mart Stores (WMT) was unchanged.

The S&P 500 Index (SPX) tagged another new high of its own, reaching up to 1,626.03 before ending the session at 1,625.96. The index gained 8.5 points, or 0.5%, on the day. Elsewhere, the Nasdaq Composite (COMP) notched a new 12-year high of 3,402.24 intraday but was unable to hold atop the 3,400 level at the closing bell. The tech-rich index edged up 3.7 points, or 0.1%, to end the day at 3,396.63.

The CBOE Market Volatility Index (VIX) managed to break its three-day losing streak, edging up 0.2 point, or 1.3%, to 12.83. In intraday action, the VIX neared the 13 level, reaching as high as 12.96.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A Trader's Take :

"The strength from small-caps and consumer discretionary names continued today," noted Bell. "While defensive sectors have led for much of the year, we've started to see the more higher-risk sectors take leadership in recent weeks."

3 Things to Know About Today's Market :

  • Consumer credit rose by $7.97 billion in March, as revolving credit (such as credit-card debt) fell for the first time this year. Analysts had been expecting a more sizable increase. (Bloomberg)
  • Hedge fund manager David Einhorn said his Greenlight Capital fund expanded its stake in Apple Inc. ( AAPL ) in anticipation of the "next blockbuster product" from the iPad and iPhone parent. Einhorn didn't disclose specifically when or how much AAPL Greenlight added, but at the end of 2012, the fund held 1.3 million AAPL shares. (Reuters)
  • Factory orders in German rose by 2.2% in March, surprising economists who were expecting the reading to drop slightly. The increase, which followed a similar lift in February, is indicative of improving manufacturing trends in the region. (San Francisco Chronicle)

5 Stocks We Were Watching Today :

  1. Bullish option traders expect continued upside in Cisco Systems (CSCO).
  2. Just a few short days after its NYSE debut, T-Mobile US, Inc. (TMUS) has won over the call-buying crowd.
  3. Tesla Motors Inc ( TSLA ) volatility hit new annual highs ahead of the vehicle manufacturer's earnings report.
  4. Apple Inc. ( AAPL ) bulls used weekly call options to bet on a short-term bounce.
  5. J.C. Penney Company (JCP) was initiated with a lackluster "underperform" rating at Wells Fargo this morning.

EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Crude oil's short winning streak drew to an end today, following reports that Saudi Arabia's crude production rose in April. June-dated oil lost 54 cents, or 0.6%, to cease trading at $95.62 per barrel.

Gold was also in the red, as investors reacted to news of selling pressure at gold-related exchange-traded funds ( ETFs ). By the close, June gold futures had lost $19.20, or 1.3%, to settle at $1,448.80 an ounce, the lowest settlement price in almost a week.

SCHAEFFER'S MARKET POSTURE



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.

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This article appears in: Investing , Options

Referenced Stocks: AAPL , BBRY , CAT , NVDA , TSLA

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