) announced some solid earnings, and this came on the heels of
better-than-expected data out of China," said Schaeffer's Senior
Technical Strategist Ryan Detrick, CMT. "Although it's still early
in earnings season, the results so far are looking very strong. The
usual concerns have been revenues and outlooks, and so far, so
good. Sure, we are only in the first inning of a nine-inning game,
but it does look like the bar was once again too low." For the
majority of the session, the
Dow Jones Industrial Average (DJI)
was parked just north of breakeven before climbing higher toward
the end of the day to settle at another all-time closing peak.
Continue reading for more on today's market, including
Retail sales showed sluggish growth in June, Citigroup (
) basked in the earnings limelight, and Facebook (FB) was hit with
some negative brokerage attention.
Dow Jones Industrial Average (DJI - 15,484.26)
spent a large portion of the session hovering above breakeven
before moving slightly higher by late afternoon. At the close, the
Dow was up 20 points, or 0.1%, managing to end the day with a new
record high. The blue-chip barometer's 12 advancers were led by
Boeing's (BA) 3.7% gain, while Walt Disney (DIS) paced the 18
laggards with a loss of 1.6%.
S&P 500 Index (SPX - 1,682.50)
also reached a new all-time closing peak, adding 2.3 points, or
Nasdaq Composite (COMP - 3,607.49)
rose to another 12-year intraday high of 3,609.59 before settling
slightly off this peak with a gain of 7.4 points, or 0.2%.
CBOE Market Volatility Index (VIX - 13.79)
finished below the 14 level for second consecutive session, losing
0.1 point, or 0.4%.
A Trader's Take
"What can you say, more new highs across the board," commented
Detrick. "The S&P 500 is now up eight days in a row, and the
PowerShares QQQ Trust (QQQ) is up a record 14 days in a row. Sure,
we are very overbought in the near term, but leadership from
small-caps and tech stocks is very healthy. Remember, early in the
year the leadership came from places like utilities and healthcare.
Nothing wrong with that, but healthy bull markets tend to see
leadership from areas that are more aggressive. That is what we're
3 Things to Know About Today's Market
- The Commerce Department said
rose by a seasonally adjusted 0.4% in June, thanks to higher gas
prices and strong demand in the auto sector. However, the latest
figure disappointed economists, who were expecting an increase of
- The New York Fed's
Empire State manufacturing index
arrived at 9.46 in July -- up from last month's figure of 7.84,
and easily besting consensus estimates for a reading of 5.00.
- Banking giant Citigroup (
) reported a
of $4.18 billion, which was a 42% increase from the year-ago
period. Excluding items, earnings came in at $1.25 per share,
topping economists' projections for a profit of $1.17. Meanwhile,
revenue climbed by 12% to $20.5 billion.
(The Wall Street Journal, login required)
5 Stocks We Were Watching Today
- Analysts at Pivotal Research downwardly revised their rating
on social networking site
- Bulls are betting on
Barrick Gold (ABX)
to climb higher following the release of its quarterly earnings
report in August.
- News out of China prompted speculators to zero in on
First Solar's (FSLR)
saw its price target trimmed at Evercore following the company's
- Pre-earnings call buyers rolled the dice on
Cisco Systems (CSCO)
, while the stock tagged yet another new multi-year high.
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures muscled higher today, courtesy of some
well-received economic data out of
. August-dated oil futures tacked on 37 cents, or 0.4%, to close at
$106.32 per barrel.
Meanwhile, gold futures recovered from Friday's decline, marking
a fifth daily gain in the past six sessions. The August-dated
contract added $5.90, or 0.5%, to settle at $1,283.50 an ounce.
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