Thanks to a successful European Union (EU) summit, the
Dow Jones Industrial Average (DJI)
enjoyed a massive burst of energy, as the bulls rushed back to the
Street. "It was all about Europe once again, but the news was
actually good this time. U.S. markets started the day off strong,
and the buying continued all the way into the close," smiled
Schaeffer's Senior Equities Analyst Joe Bell. "Euro-zone leaders
came to agreement on several key issues that investors hope will
improve financial conditions in the region and bring bond yields
lower for Italy and Spain."
Keep reading to see what else was on our radar today:
- Does today's
explosive rally
have the legs to
push stocks even higher
?
- Sure it's the end of the week, but be sure to get your
monthly and quarterly totals
, as well.
- Plus,
3 technical indicators
that give you
something to be bullish about
!
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 12,880.09)
gapped higher this morning, and extended its climb all the way
until the closing bell. The Dow rocketed 277.8 points, or 2.2%, to
end 0.3 point below its session peak. Twenty-nine of the 30 blue
chips saw wins today, as Bank of America (
BAC
) led the long line of outperformers with a 5.7% rise. JPMorgan
Chase & Co. (
JPM
) was the only losing issue, turning in a 0.4% drop. The Dow added
1.9% for the week, and 3.9% for during June -- its best monthly
increase of 2012. For the second quarter, the blue-chip barometer
was off 2.5%.
The
S&P 500 Index (SPX - 1,362.16)
rose 33.1 points, or 2.5%, landing just 0.01 point away from its
session high. Meanwhile, the
Nasdaq Composite (COMP - 2,935.05)
surged 85.6 points, or 3%, marking its best session of 2012. For
the week, the SPX gained 2%, and nearly 4% for the month. Its
quarterly total arrived at a loss of 3.3%. The COMP tacked on 1.5%
for the week, and jumped 3.8% for June, but its second-quarter
deficit of 5.1% was the worst of its fellow benchmarks.
The
CBOE Market Volatility Index (VIX - 17.08)
tumbled 13.3% today, settling with its lowest daily close since May
2. The market's fear gauge peeled back 5.7% on the week, and saw a
monthly loss of 29%. For the second quarter, the VIX was up
10.2%.
Today's highlight
Bell continued, "With today's big jump, the SPX can now
contend with the key 1,360 area
, which has served as resistance earlier this month."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures notched their best single-session percentage gain
since March 2009 today, as positive news from the EU summit
bolstered hopes for demand. Furthermore, the encouraging
developments from across the pond weighed on the greenback, drawing
foreign-currency holders to the dollar-denominated commodity. By
the close, August-dated crude jumped $7.27, or 9.4%, to end at a
three-week high of $84.96 per barrel. For the week, black gold
advanced 6.5%. For the month and quarter, though, oil gave up 1.8%
and 17.5%, respectively - crude's heftiest quarterly percentage
drop since the end of 2008.
In similar fashion, gold futures also enjoyed a currency-related
lift, capitalizing on the ailing dollar. Plus, the EU plan
bolstered the malleable metal's appeal as an inflationary hedge.
Against this backdrop, gold for August delivery advanced $53.80, or
3.5%, to end at $1,604.20 an ounce. For the week and month, the
commodity tacked on 2% and 2.8%, respectively. For the quarter,
however, gold shed 4%.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,880.09)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,362.16)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,935.05)
- 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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