"In a somewhat quiet day of action, the broad market indices
slowly churned higher, and by the end of the day, most sectors
registered some pretty nice gains," said Schaeffer's Senior Equity
Analyst Joe Bell, CMT. "There was a little economic data released
this morning, but it didn't seem to have too much of an effect on
the market. A day after Fed Chair nominee Janet Yellen's
confirmation hearing, it seems like the positive momentum isn't
quite ready to slow down." The
Dow Jones Industrial Average (DJI)
S&P 500 Index (SPX)
subsequently extended their weekly winning streaks and again found
their way to unprecedented heights.
Continue reading for more on today's market, including
Import and export prices declined in October, the Empire State
manufacturing index turned negative, and longer-term put players
pounced on US Airways Group Inc (NYSE:LCC).
Dow Jones Industrial Average (DJI - 15,961.70)
reached yet another record intraday peak of 15,962.98, and finished
with a gain of 85.5 points, or 0.5% -- denoting an all-time closing
high. For the week, the blue-chip index added 1.3%, its sixth
straight weekly advance. Exxon Mobil Corporation (
) led the Dow's 25 advancers with a gain of 2.2%, while a 0.7% loss
for McDonald's Corporation (
) paced the five decliners.
S&P 500 Index (SPX - 1,798.18)
also touched an all-time intraday high of 1,798.22, and ended the
session up 7.6 points, or 0.4%, to claim its own record closing
high. Meanwhile, the
Nasdaq Composite (COMP - 3,985.97)
climbed 13.2 points, or 0.3%, which marked a new 13-year peak. On a
weekly basis, the indexes tacked on 1.6% and 1.7%,
CBOE Volatility Index (VIX - 12.19)
tumbled out of the gate, but narrowed its daily loss to 0.2 point,
or 1.5%, by the closing bell. The "fear barometer" dropped 5.5% on
A Trader's Take
"Markets finished the week higher for the sixth consecutive
time, as the positive trend continues," Bell went on. "Although the
momentum from the month of October has slowed in November, the
trend has stayed in place, and technically, the market remains
3 Things to Know About Today's Market
- The Labor Department said
declined by a larger-than-expected 0.7% in October, due largely
to lower fuel prices. Meanwhile, export prices fell by 0.5% last
- The New York Fed revealed that its
Empire State manufacturing index
arrived at negative 2.21 this month, compared to a reading of
1.52 in October. The latest figure -- which marked the first
sub-zero reading since May -- fell short of economists' forecast
for a rise to 5.00.
(Reuters via CNBC)
- Berkshire Hathaway disclosed its now
40 million-share stake
in Exxon Mobil Corporation (
), while also noting that it has further reduced its
) investment. Although the company did not specify who was behind
the XOM deal, the sheer size points to Warren Buffett himself.
5 Stocks We Were Watching Today
- Ahead of next week's turn in the earnings confessional,
Pandora Media Inc (P)
received a price-target hike at J.P. Morgan Securities.
- The latest
Option Idea of the Week
highlights why underloved
Safeway Inc. (SWY)
could be fodder for a bullish trade.
BlackBerry Ltd (BBRY)
continues to struggle on the charts, the stock was slapped with a
downgrade at Macquarie this morning.
- One near-term speculator extended his bullish position on
Michael Kors Holdings Ltd (KORS)
to allow for additional gains.
US Airways Group Inc (NYSE:LCC)
saw a notable surge in longer-term put volume today, with a
particular focus on April 2014-dated options.
For a look at today's options movers and commodities
activity, head to page 2.
Abundant oil supplies weighed on crude futures yet again,
although the December contract managed to tack on 8 cents, or 0.1%,
to close at $93.84 per barrel. For the week, however, crude shed
0.8% -- marking a sixth consecutive weekly loss, as well as the
longest weekly losing streak in 15 years.
Meanwhile, gold futures edged higher again on easing tapering
fears. December-dated gold added $1.10, or 0.1%, to finish at
$1,287.40 per ounce. On a weekly basis, the precious metal advanced