"Today marked the 10th consecutive day of positive returns for
Dow Jones Industrial Average (DJI)
," said Schaeffer's Senior Equity Analyst Joe Bell on a day that
saw the Dow extend its winning streak to a length only seen 15
other times on record. "To cap it off, all 10 major sectors were
positive in the midst of today's advance. This type of strength
really hammers home how trends can often go much further and last
much longer than most believe."
Continue reading for more on today's market, including
- Our Senior Trading Analyst Bryan Sapp
the ongoing rise in the major indexes; plus, a look at Zynga (
- How option traders are
a continued rise in Netflix (
) over the very short term.
- The details behind
a big trading day
in the option pits for Cisco Systems (
), Intel (
), and Merck & Co. (
- The Dow makes it 10 straight wins, jobless claim numbers fall
again, and option traders go against the grain on several
Dow Jones Industrial Average (DJI)
pushed its winning streak to 10 days, and set a new all-time
intraday high for the seventh time in the last eight sessions. It
was the first 10-day streak since late 1996, and only the 15th time
in the history of the market that a streak has gone this long. The
Dow gained 84 points, or 0.6%, to finish at 14,539.14. The
30-member Dow saw 23 its members advance, led by Hewlett-Packard
(HPQ), which climbed 2.9%. The seven decliners were paced by Merck
& Co. (
) and Home Depot (HD), which each fell 0.7%.
S&P 500 Index (SPX)
also gained, picking up nearly 9 points, or 0.6%, to close at
1,563.23. The SPX set a new annual high, and is just a few points
away from the all-time closing high set on Oct. 9, 2007. The
Nasdaq Composite (COMP)
also hit a multi-year peak and finished at 3,258.93, up nearly 14
points, or 0.4%.
CBOE Market Volatility Index (VIX)
fell 0.5 point, or 4.5%, to close at 11.30. Shortly before the
close, the index visited a six-year low of 11.05.
A Trader's Take
"The day got off to a good start when the initial jobless claims
were released and came in better than expected," said Bell.
"Cyclical and technology stocks took a leadership role throughout
the day, as Apple (AAPL) and IBM (IBM) both performed well."
3 Things to Know About Today's Market
- The number of new jobless claims
for the third straight week, dropping to a seasonally adjusted
332,000 and beating economists' estimates.
- Foreclosure filings
10% in February as compared with January, but the total 71,488
filings figure was down 25% as compared to February 2012.
- The World Gold Council
central banks in many countries to diversify from holding
primarily the U.S. dollar as reserve assets -- and unsurprisingly
said countries should own more gold.
5 Stocks We Were Watching Today
- Juniper Networks (JNPR) saw
of a normally bullish trend with a flurry of put trades.
- Option bears also
Morgan Stanley (MS) in advance of the U.S. Treasury Department's
stress tests on the nation's largest banks.
- VMware (VMW) received upgrades from analysts, and option
with a new round of call trades.
- Despite all the good news surrounding Boeing (BA), one set of
the airplane maker to slide over the long term.
- Research In Motion (BBRY) announced a huge order for its
latest phone, and option traders
with a barrage of new short-term calls.
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures climbed on a weaker dollar and better-than-projected
weekly jobless claims Thursday, with April crude gaining 51 cents,
or 0.6%, to end the session at $93.03 per barrel. It was the
highest close for a front-month contract since Feb. 25.
A lower dollar also lifted gold, although strong economic data
kept investors largely focused on equities. April-dated gold
finished at $1,590.70, edging up $2.30, or 0.1%.
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
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