Dow, S&P 500 Notch Record Highs and Weekly Gains

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"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) and S&P 500 Index (SPX) each tagged record intraday and closing highs.

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

plus...
    Atlanta Fed President Dennis Lockhart offered some words of reassurance, Marvell Technology Group Ltd. ( MRVL ) reported stronger-than-expected quarterly earnings, and T-Mobile US Inc ( TMUS ) received some downbeat analyst attention.

The 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 ( BA ) led the blue-chip barometer's 23 advancers with a gain of 2.3%, while a 5.4% decline for Intel Corporation ( INTC ) paced the six laggards. The Coca-Cola Company (KO) remained unchanged.

The 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%.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

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. (CNBC)
  • Marvell Technology Group Ltd. ( MRVL ) reported a third-quarter profit 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 million. (Reuters)
  • 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. (USA Today)

5 Stocks We Were Watching Today :

  1. T-Mobile US Inc ( TMUS ) was hit with a bearish brokerage note, despite its recent recovery attempt.
  2. The latest Option Idea of the Week takes a closer look at Activision Blizzard, Inc.'s (ATVI) upside potential.
  3. Citigroup Inc (C) was swarmed by bullish bettors, who bet on new highs by early next year.
  4. Pessimistic speculators showed a penchant for Sirius XM Radio Inc's (SIRI) weekly put options.
  5. Front-month call volume surged on Zynga Inc (ZNGA) amid the stock's fresh 12-month peak.

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 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 in seven.

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 mid-September.

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.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.


This article appears in: Investing , Options

Referenced Stocks: BA , BAC , INTC , MRVL , TMUS

Schaeffer's Investment Research

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