"Given some seemingly negative economic news," Schaeffer's
Senior Equity Analyst Joe Bell noted, "the market showed great
resilience. This is an indication," he added, "that perhaps not all
money from the sidelines has moved into this market just yet." The
Dow Jones Industrial Average (DJI)
shook off yesterday's modest declines and powered forward today,
once again touching its highest point in half a decade. The index
is now staring down a new millennium level; 14,000 hasn't been
conquered on an intraday basis since October 2007.
Continue reading for more on today's market, including
- Consumer confidence drops, Ford Motor (
) reports earnings, and Boeing (
) speculators place bearish bets.
Dow Jones Industrial Average (DJI)
brushed off yesterday's slow start and picked up where it left off
last week, closing at 13,954.42 when the bell rang, up nearly 73
points, or 0.5%. Drug-maker
Pfizer Inc. (
helped push the charts by
beating the Street's estimates
for sales and issuing a rosy outlook for the rest of 2013. Overall,
there were 20 advancers against nine stragglers in the 30-member
Dow, with General Electric Company (
) breaking even. PFE was the top performer, up 3.2%, while
Hewlett-Packard (HPQ) struggled with a 3.2% loss.
S&P 500 Index (SPX)
also bounced back after Monday's losses, closing up at 1,507.84,
climbing nearly 8 points, or 0.5%, and hitting a new intraday high.
And the SPX seems to have found new support above 1,500, closing
there for the third straight session after testing this
round-number level intraday.
The Nasdaq Composite (COMP)
had a late rally after spending most of the day in the red, but
still finished down at 3,153.66, falling less than 1 point.
CBOE Volatility Index
stepped back from yesterday's big jump, falling 1.9% to close at
13.31. Still, it marked the second straight day of closing above
13, which hasn't happened in two weeks.
A Trader's Take
"Earnings reactions once again took the headlines," Bell noted,
"resulting in mixed price action for the overall broad market. The
energy sector led the way," he observed, "and it has quietly been a
bright spot in this year's surging market."
3 Things to Know About Today's Market
- The Conference Board's
Consumer Confidence Index
fell significantly once again, dropping to 58.6 from a revised
66.7 in December. Officials with the economic agency said that
the 2% payroll tax hike that went into effect on Jan. 1 had an
effect: "Consumers are more pessimistic about the economic
outlook and, in particular, their financial situation."
- Oil and gas giant
BP plc (ADR) (BP)
agreed to plead guilty to manslaughter and
pay $4 billion
for its role in the 2010 Deepwater Horizon oil rig explosion and
subsequent oil spill.
Ford Motor Company (
of 31 cents per share, up from 20 cents in the previous year and
6 cents better than analysts were predicting. The stock lost
ground on the day, however, as it warned of weakness in Europe
for the current year.
5 Stocks We Were Watching Today
- Department store chain J.C. Penney Company, Inc. (JCP) was a
big play for options traders
, who were looking to cash in on the company's move to bring back
- Juniper Networks, Inc. (JNPR) saw
the bears move in
, especially for front-month puts.
The bears were also out
for The Boeing Company (
) ahead of the aircraft maker's earnings release and in light of
ongoing woes around the 787 Dreamliner battery saga.
- Speculators also bet Tractor Supply Company (TSCO)
in the short term, especially with the company's upcoming
- Trina Solar Limited (ADR) (TSL)
saw a big uptick
in optimistic bets for February, with bulls running against
recent bearish trends on the stock.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures moved higher once again, settling at a new
four-month high of $97.57 per barrel. The March contract added
$1.13, or 1.2%, on the day. Gold managed to advance as well;
February futures rose $7.90, or 0.5%, to close at $1,660.80 an
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