It was a solid day for the
Dow Jones Industrial Average (DJI)
, which ended near a session high to finish north of 13,000 for the
first time since Nov. 6. With a lack of domestic data to go on,
Wall Street spent the holiday-shortened trading day applauding
upbeat reports from China and Germany. Investors also appear to be
optimistic about the holiday shopping season, with most tech stocks
and retailers gaining notable ground on the biggest shopping day of
Continue reading for more on today's market events,
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Dow Jones Industrial Average (DJIA)
blazed a steady path higher, adding nearly 173 points, or 1.4%, to
conquer the round-number 13,000 level. In addition, the blue-chip
barometer ended atop its 200-day moving average for the first time
in more than two weeks. All 30 of the index's components settled
north of breakeven, led by Hewlett-Packard's (
) 4.2% advance. For the week, the Dow soared 3.3%.
S&P 500 Index (SPX)
settled near a session high, tacking on 18.1 points, or 1.3%, to
end atop the 1,400 level for the first time since Nov. 6.
Nasdaq Composite (COMP)
gained 40.3 points, or 1.4%. For the week, the SPX and COMP gained
3.6% and 4%, respectively.
CBOE Market Volatility Index (VIX)
gave up just over 1%, but found an intraday foothold in the 15
A Trader's Take
"Some better global economic data sparked the buying,
specifically some good manufacturing data out of China," said
Schaeffer's Senior Technical Strategist Ryan Detrick. "Nonetheless,
volume was light and the market was higher. Pretty much what tends
to happen on half-day holidays. Anytime you have some nice gains to
cap off a solid week is great. "
So, what has him excited? "How downright negative some of the
sentiment has gotten as we enter the historically positive December
timeframe," he said. "Don't forget, a year ago right now all the
talk was how Greece was going under and the global economy was on
the verge of a recession. Those fears were totally overblown and
I'm wondering if we are seeing something similar this year, only
with fiscal cliff fears being blown out of proportion."
Economic and Earnings News
There were no notable domestic economic reports today. Overseas,
however, traders digested
from both China and Germany.
There were no earnings reports of note.
More Stocks Making News
For today's activity in commodities, options, and more, head
to page 2.
In the Options Pits
Oil futures were last seen modestly higher, with upbeat data out
of Germany and China bolstering expectations for global demand. In
addition, an ailing greenback is helping black gold, attracting
bargain hunters to the dollar-denominated commodity. At last check,
January-dated crude futures have tacked on 76 cents, or 0.9%, to
trade at $88.14 per barrel. For the week, the front-month contract
is on pace for a 1.7% gain.
Gold futures are also capitalizing on a weaker dollar, with the
malleable metal last seen in territory not charted in more than a
month. Furthermore, violent strikes at South African gold mines
have fueled concerns about production, translating into a boon for
gold. At last look, December-dated gold is up $20.20, or 1.2%, to
flirt with $1,748.50 an ounce. For the week, the yellow metal is
headed for a 2% gain.
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