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