"The indices took off to the upside just before noon today,
after Spain announced its 2013 budget," remarked Schaeffer's Senior
Options Strategist Tony Venosa. "The best thing about today was the
market's ability to hold its gains despite the weaker-than-expected
durable goods data and second-quarter gross domestic product (GDP)
number." In fact, after battling a lull in early trading, the
Dow Jones Industrial Average (DJI)
took off on a triple-point rally, securing its first up day in the
last five sessions.
Click through to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,485.97)
was up more than 109 points at its session high of 13,522.83, and
held most of this lead throughout the day. By the time the dust
cleared, the Dow notched a 72.5-point, or 0.5%, rise. Twenty-three
of its 30 blue chips bounced into positive territory today, with
General Electric (
GE
) leading the way with a gain of 2.9%. Wal-Mart Stores, Inc. (
WMT
) paced the declining issues with a 0.3% loss. Meanwhile, The
Procter & Gamble Company (PG) parked at breakeven.
The
S&P 500 Index (SPX - 1,447.15)
and
Nasdaq Composite (COMP - 3,136.60)
also enjoyed positive returns today, with both indexes finding
perches back atop their 20-day trendlines. The SPX pierced the
1,450 level in late-day trading, but couldn't solidify a win above
this recent level of support. However, the broad-market index still
tacked on 13.8 points, or roughly 1%, by the closing bell. Racking
up the best performance of its fellow indexes, the COMP reclaimed
its seat above 3,100, surging 42.9 points, or 1.4%, on the day.
The
CBOE Market Volatility Index (VIX - 14.84)
retreated back below the 15 mark and its 80-day moving average,
burning off nearly 2 points, or 11.7%.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures turned higher today. Supply concerns amid tensions
between Iran and the West, as well as encouraging jobs data,
supported the commodity. By the close, crude for November delivery
rose $1.87, or 2.1%, to settle at $91.85 per barrel.
After suffering a
two-week low in yesterday's action
, gold futures did a 180 and rocketed to their highest price since
Feb. 28, as bargain-hunting speculators scooped up the commodity.
Plus, gold prices in euros hit record highs while economic problems
continued to cloud the euro zone. Against this backdrop,
December-dated gold jumped $26.90, or 1.5%, to close at $1,780.50
an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,485.97)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,447.15)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,136.60)
- support at 2,400; resistance at 3,400
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.