"There wasn't a lot of news out there today, and most of the
broad indices finished the session in mixed fashion, with little
movement in either direction," noted Schaeffer's Senior Equity
Analyst Joe Bell, CMT. "After a big move at the end of last week,
it's not surprising that we took a little pause here."
S&P 500 Index (SPX)
managed to touch a notable milestone in intraday action, while the
Dow Jones Industrial Average (DJI)
settled at a record closing high.
Continue reading for more on today's market, including
Homebuilder confidence remained flat this month, The Boeing
) booked a slew of orders for its new 777X jet, and Microsoft
) received a bearish brokerage note.
Dow Jones Industrial Average (DJI - 15,976.02)
surged north of the 16,000 mark for the first time -- and touched a
record intraday peak of 16,030.28 -- within the first few minutes
of trading. By the end, the blue-chip index was up just 14.3
points, or nearly 0.1% -- enough to notch an all-time closing high.
Boeing led the Dow's 14 advancers with a gain of 1.7%, while a 1.7%
loss for Microsoft paced the 15 laggards. Wal-Mart Stores, Inc.
(WMT) remained unchanged.
S&P 500 Index (SPX - 1,791.53)
also spiked to an all-time intraday peak of 1,802.33 -- its first
foray above the 1,800 level -- early in the session, but finished
6.7 points, or 0.4%, lower. Meanwhile, the
Nasdaq Composite (COMP - 3,949.07)
tagged a fresh 13-year high of 3,994.97 before shedding 36.9
points, or 0.9%, by the closing bell.
CBOE Volatility Index (VIX - 13.10)
spent all of the session parked in positive territory, and ended
the day 0.9 point, or 7.5%, higher.
A Trader's Take
"The Dow was the real standout today, as industrials performed
much better than many of the other sectors," Bell observed. "In
particular, The Boeing Company (
) and General Electric Company (GE) both had pretty nice days."
3 Things to Know About Today's Market
- The National Association of Home Builders/Wells Fargo
housing market index
remained unchanged at 54 in November, the same figure that marked
a four-month low in October. Economists, on average, were
expecting a reading of 55.
- At the Dubai Air Show last weekend, The Boeing Company (
$95 billion in orders
from three Middle Eastern airlines for 225 of the firm's new --
and more fuel efficient -- 777X jets.
(The New York Times)
- Philadelphia Fed President Charles Plosser said the central
set a fixed dollar amount
on its current stimulus program. During a speech delivered to the
Risk Management Association, the Fed leader noted, "We cannot
continue to play this bond-buying game by ear and risk the Fed's
credibility while creating lingering uncertainty about the course
of monetary policy."
(Reuters via CNBC)
5 Stocks We Were Watching Today
Microsoft Corporation (
was slapped with a downgrade amid some M&A rumors surrounding
rival Apple Inc. (AAPL).
- Near-term bulls pounced on
LinkedIn Corp (LNKD)
, and showed a particular preference for the stock's
Google Inc (GOOG)
announced the opening of several product showrooms across the
country to help ramp up holiday sales.
- Trader optimism continues to run hot on
Apple Inc. (AAPL)
, with some speculators eyeing a move above a key level.
- A fresh two-year peak for
Bank of America Corp (BAC)
triggered a flurry of call volume, particularly of the weekly
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures were dragged lower today by tapering fears and
looming talks over Iran's nuclear program. By the time the dust
settled, the December contract shaved off 81 cents, or 0.9%, to end
at $93.03 per barrel -- the lowest closing price for a most active
contract since late May.
Likewise, the same tapering anxieties weighed on gold futures,
with December-dated gold falling $15.10, or 1.2%, to finish at
$1,272.30 per ounce.
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