Dow Jones Industrial Average (DJI)
had lopped off more than 191 points by lunchtime, but battled back
to pare most of its losses by the closing bell. "As the day wore on
it looked like the bears decided to get out of the way and let the
bulls push things higher for a change," said Schaeffer's Senior
Technical Strategist Ryan Detrick. "The stronger-than-expected home
sales for April (showing a 3% rise) continued to reinforce that the
U.S. economy is doing just fine. Sure, Europe is a mess, but it's
nice to see our economy is still hanging very tough."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- What does
the euro's two-year low
mean for equities?
- TJX, SHW, and DHI: Three
outperforming stocks that many bulls have yet to
- Plus, see why
1,292 could be a significant level
for the SPX.
Dow Jones Industrial Average (DJI - 12,496.15)
touched a session low of 12,311.56 just after midday -- its lowest
point since Jan. 5 -- but fought its way back to close the day with
a slim 6.7-point, or 0.05%, deficit. Of the Dow's 30 components, 14
jumped to wins, as Bank of America (
) paced the outperforming issues with 2.7% gain. Hewlett-Packard (
) led the 15 laggards with a 3.2% slide, while General Motors (
) remained unchanged.
After climbing from a session bottom of 1,296.53, the
S&P 500 Index (SPX - 1,318.86)
ended a second straight day near breakeven. By the time the dust
settled, the SPX was able to eke out a 2.2-point, or 0.2%, victory.
Nasdaq Composite (COMP - 2,850.12)
posted the best performance of its peers, and added 11 points, or
CBOE Market Volatility Index (VIX - 22.33)
inched 0.7% lower today. However, the market's fear gauge managed a
perch atop the 22 mark for a sixth consecutive day.
: "Last week's lows held once again," highlighted Detrick. "As
I noted earlier in the day
, the 1,292 level is one that should hold as support. It's good to
see this level hold on for another day."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures slipped to their lowest settlement since October, as
crude stockpiles continued to grow amid waning global demand. The
commodity also took a hit on increased concerns that Greece could
leave the euro zone, the World Bank's
downbeat growth forecast for China
, and optimism that talks between the U.N. and Iran -- centered on
the country's nuclear capabilities -- appear to be going well.
Against this backdrop, July-dated crude burned off $1.95, or 2.1%,
to close at $89.90 a barrel.
Gold futures fared no better, as the malleable metal settled
with a third consecutive loss. The mounting possibility of Greece
revoking its euro-zone membership supported the greenback, and
spelled another down day for the dollar-denominated commodity. Gold
for June delivery sawed off $28.20, or 1.8%, to land at $1,548.40
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,496.15) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,318.86) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,850.12) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
At the end of every market day, the staff at Schaeffer's
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