Dow Up, SPX Down as Wall Street Waits for Europe

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The Dow Jones Industrial Average (DJI) was up nearly 60 points at its session high of 13,095.91, and kept its head above breakeven by the time the dust settled. "There wasn't a whole lot going on today, as most participants are looking forward to the results of the European Central Bank (ECB) meeting tomorrow," said Schaeffer's Senior Equities Analyst Joe Bell. "Others will be paying close attention to the jobs numbers that are to come this Friday."

Click through to see what else was on our radar today:

And now, a look at the numbers...

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

After tagging its intraday peak of 13,095.91, the Dow Jones Industrial Average (DJI - 13,047.48) slowly ate away at this gain and ended trading with a 11.5-point, or 0.1%, rise. Eleven of the 30 components closed with losses, as American Express Company's ( AXP ) 2.4% drop paced the laggards. Meanwhile, The Walt Disney Company ( DIS ) jumped to an all-time high, and led the 18 winning blue chips with a 2.3% rise. Microsoft Corporation ( MSFT ) remained unchanged.

Unlike the Dow, the S&P 500 Index (SPX - 1,403.44) and Nasdaq Composite (COMP - 3,069.27) couldn't maintain a perch in positive territory. For the day, the SPX slivered off 1.5 points, or 0.1%, while the COMP backpedaled 5.8 points, or 0.2%.

The 18 level continues to act as resistance for the CBOE Market Volatility Index (VIX - 17.74) , which slipped 0.2 points, or 1.3%, to land just below its session high of 17.84.

Today's highlight : "Small caps continued their leadership role, which I view as a positive for the market," remarked Bell. "The market continues to be stuck in a slow grind sideways, with many participants expecting a break from this during the next couple weeks."

Turning to today's major market stories...

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

Crude futures turned higher today, even though tomorrow's European Central Bank (ECB) summit and holiday-delayed oil inventory data weighed on investor sentiment. But the commodity maintained early support, following a revised report that showed second-quarter productivity in the U.S. to be stronger than first calculated. Crude for October delivery advanced 6 cents, or 0.1%, to close at $95.36 a barrel.

The highly anticipated ECB meeting and Friday's job report prompted gold futures traders to stay on the sidelines, which pushed the malleable metal to a loss on the day. By the close, December-dated gold inched $2, or 0.1%, lower to settle at $1,694 an ounce.

Levels to watch in trading...

  • Dow Jones Industrial Average (DJI - 13,047.48) - support at 11,500; resistance at 14,000
  • S&P 500 Index (SPX - 1,403.44) - support at 1,100; resistance at 1,500
  • Nasdaq Composite (COMP - 3,069.27) - support at 2,400; resistance at 3,400

OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS - MOVERS

STOCKS - EARNINGS

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

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: AXP , DIS , FB , MSFT , SFLY

Schaeffer's Investment Research

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