"Following a
huge up day on Friday
, we didn't give up any of the gains. In fact, we added to them,"
noted Schaeffer's Senior Technical Strategist Ryan Detrick. "Given
how choppy and frustrating things have been, you have to be
impressed with this type of action." Indeed, the
Dow Jones Industrial Average (DJI)
leapt higher out of the gate, notching a second consecutive close
atop 13,000.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
At its intraday peak of 13,187.28, the
Dow Jones Industrial Average (DJI - 13,117.51)
was up more than 91 points, but gave up a large chunk of this rally
in the last half-hour of trading. By the time the dust settled, the
blue-chip barometer secured its first daily settlement above 13,100
since May 3, notching a 21.3-point, or 0.2%, gain. Bank of America
Corp (
BAC
) paced the 19 winning issues with a 2.8% rise, while American
Express Company (
AXP
) led the 11 underperformers with a 0.9% drop.
The
S&P 500 Index (SPX - 1,394.23)
and
Nasdaq Composite (COMP - 2,989.91)
traveled similar paths, giving up some of their early gains but
finishing at their best prices in more than three months. While the
SPX increased by 3.2 points, or 0.2%, the COMP enjoyed a 22-point,
or 0.7%, bounce -- the best performance of its fellow
benchmarks.
The
CBOE Market Volatility Index
(VIX - 15.95)
pushed nearly 2% higher today, yet landed below its session high of
16.27. This marked the VIX's second straight close below 16.
Today's highlight
: "Although Best Buy Co., Inc. (
BBY
) is a store that no one seems to shop at anymore, I think the bid
to take this retailer private could have very bullish
repercussions," remarked Detrick. "This comes on the heels of The
Shaw Group Inc. (
SHAW
) being bought at a huge premium last week. The more deals we see
like this, the more it confirms that companies have cash and think
there are some nice deals out there."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures
added to last week's gains
today, finishing a second straight session higher on hopes that the
European Central Bank will offer more relief to the debt-strapped
euro zone. While the dollar took a slide, September-dated oil rose
80 cents, or 0.9%, to close at $92.20 a barrel -- its loftiest
price since July 19.
prolonged Friday's rally
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,117.66)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,394.24)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,989.91)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
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