"There weren't a whole lot of headlines out this morning, but we
saw the market once again show its strength, and the slow and
steady uptrend continues to chug along," said Schaeffer's Senior
Equity Analyst Joe Bell, CMT. "The
Nasdaq Composite (COMP)
had a really strong showing today, as the biotechnology sector has
been one of the definite standouts." Elsewhere, the
Dow Jones Industrial Average (DJI)
S&P 500 Index (SPX)
each tagged record intraday
Continue reading for more on today's market, including
Atlanta Fed President Dennis Lockhart offered some words of
reassurance, Marvell Technology Group Ltd. (
) reported stronger-than-expected quarterly earnings, and T-Mobile
US Inc (
) received some downbeat analyst attention.
Dow Jones Industrial Average (DJI - 16,064.77)
faltered briefly out of the gate, but climbed higher throughout the
day, and tagged an all-time intraday peak of 16,068.78 just ahead
of the close. By the end, the Dow was up 54.8 points, or 0.3% --
notching a record closing high. On a weekly basis, the index added
0.6%. The Boeing Company (
) led the blue-chip barometer's 23 advancers with a gain of 2.3%,
while a 5.4% decline for Intel Corporation (
) paced the six laggards. The Coca-Cola Company (KO) remained
S&P 500 Index (SPX - 1,804.76)
followed a similar path today, reaching a record intraday peak of
1,804.84 right before the closing bell. The index ended up
finishing 8.9 points, or 0.5%, higher -- marking an all-time
closing high. Meanwhile, the
Nasdaq Composite (COMP - 3,991.65)
advanced 22.5 points, or 0.6%, on the day. For the week, the SPX
and COMP tacked on 0.4% and 0.1%, respectively.
Aside from a brief morning blip higher, the
CBOE Volatility Index (VIX - 12.26)
spent most of the day in the red, and fell 0.4 point, or 3.2%, for
the session. Week-over-week, the "fear gauge" climbed 0.6%.
A Trader's Take
"The S&P 500 finished the week on a strong note, and kept
its winning streak alive," continued Bell. "This week marks the
seventh consecutive positive week for the broad market index, and
is just another example of how strong this trend has been."
3 Things to Know About Today's Market
- Atlanta Fed President Dennis Lockhart may have
assuaged tapering concerns
a bit during an interview on CNBC today. The central bank leader
asserted that the Fed won't scale back its bond-buying program
until the economy is strong enough. "We are going to remain very
accommodative for quite some time, in all likelihood a number of
years," he said.
- Marvell Technology Group Ltd. (
) reported a
of $103 million, or 21 cents per share, up from $69 million, or
12 cents per share, in the year-ago period. Excluding items,
earnings came in at 32 cents per share. Meanwhile, revenue
climbed 19% to $931.2 million. Analysts, on average, were
projecting a per-share profit of 25 cents on sales of $870.6
- The Labor Department revealed that
unemployment rates dropped
in 28 states last month, while nonfarm payrolls rose in 34
states. However, the national unemployment average edged up to
7.3% in October from 7.2% the month prior, with only 17 states
ranking below the latest figure.
5 Stocks We Were Watching Today
T-Mobile US Inc (
was hit with a bearish brokerage note, despite its recent
- The latest
Option Idea of the Week
takes a closer look at
Activision Blizzard, Inc.'s (ATVI)
Citigroup Inc (C)
was swarmed by bullish bettors, who bet on new highs by early
- Pessimistic speculators showed a penchant for
Sirius XM Radio Inc's (SIRI)
weekly put options.
- Front-month call volume surged on
Zynga Inc (ZNGA)
amid the stock's fresh 12-month peak.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures drifted lower today, as investors continued to
look for tapering signs. By the end of the session, the January
contract shaved off 60 cents, or 0.6%, to end at $94.84 per barrel.
For the week, however, oil tacked on 1.1% -- its first weekly gain
Meanwhile, gold futures closed modestly higher on the same
tapering chatter, with December-dated gold adding 50 cents to end
at $1,244.10 per ounce. On a weekly basis, however, the precious
metal shed 3.4% -- the largest weekly decline since
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.