Dow, SPX Climb to Sixth Consecutive Weekly Win

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"We had some more good economic data from the consumer confidence and leading indicators reports. But to me, it's a great sign that small caps once again took charge and led us higher," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "Since August started, the more 'risky' small-cap names have really found a bid, and this could bode well for a continuation to the surprise summer rally." Against this backdrop, the Dow Jones Industrial Average (DJI) remained in the green for the majority of the session, and found its highest perch since May 1.

Keep reading to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

A last-minute surge pushed the Dow Jones Industrial Average (DJI - 13,275.20) to a session high of 13,281.32. By the closing bell, the Dow held onto most of its gains, and secured a 25.1-point, or 0.2%, victory. Thirteen of the 30 blue chips advanced, as United Technologies Corporation's ( UTX ) 2% rise led the way. On the other hand, Merck & Co. Inc. ( MRK ) paced the losing components with a 1.4% pullback. The Procter & Gamble Company ( PG ) and Hewlett-Packard ( HPQ ) finished flat. The Dow saw a weekly rise of 0.5%.

The S&P 500 Index (SPX - 1,418.16) and Nasdaq Composite (COMP - 3,076.59) also headed north today. The SPX tacked on 2.7 points, or 0.2%, while the COMP jumped 14.2 points, or 0.5%. Over the past week, the SPX was 0.9% higher, and the COMP posted a 1.8% return -- the best performance of its fellow benchmarks.

The CBOE Market Volatility Index (VIX - 13.45) marked its third consecutive day lower, burning off 5.9%, and finding a foothold just above its intraday low of 13.30. Today's settlement is the VIX's lowest since June 2007. The market's fear gauge peeled back 8.9% on the week.

Today's highlight : "Expiration Friday is always a busy day for us here at Schaeffer's Investment Research, as we initiate closeouts," said Detrick. "It's a big relief when it's finally over, and today was no different. See you later, August trades, and hello, September trades. Have a nice weekend."

Turning to today's major market stories...

For today's activity in commodities, options, and more, head to page 2.

Crude futures finished higher for a fourth straight session, as the Thomson Reuters/University of Michigan sentiment data and an index of leading indicators supported black gold. Also, the International Energy Agency (IEA) stated that "the [oil] market is sufficiently supplied," which quelled concerns that the White House might release strategic reserves. By the close, September crude rose 41 cents, or 0.4%, to settle at $96.01 a barrel. On the week, oil soared 3.4%.

Likewise, gold notched a third consecutive session higher today. As many speculators stayed on the sidelines, December-dated gold ended fractionally higher, adding 20 cents to settle at $1,619.40 an ounce. However, the precious metal gave back 0.3% for the week.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,275.20) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,418.16) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,076.59) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Click through to read coverage of today's notable annual highs and lows .

SCHAEFFER'S MARKET POSTURE

At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.



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: AAPL , HPQ , MRK , PG , UTX

Schaeffer's Investment Research

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