"Turnaround Tuesday was at it again," said Schaeffer's Senior
Technical Strategist, Ryan Detrick, CMT, on a winning day for all
the indexes, including the
Dow Jones Industrial Average (DJI)
, which surged on strong home price data. "After some selling
yesterday, the bulls were back in charge today. The Cyprus news
calmed down a bit and we were able to focus on some strong economic
data. The economy isn't perfect, but we've been greeted with a good
deal of strong data the past month or so."
Continue reading for more on today's market, including
- The markets pull out a big win, positive news for homeowners,
and how bears looked to cash in on the troubles at Ford Motor
Dow Jones Industrial Average (DJI)
turned in a winning day on positive economic news, including a big
jump in home prices. The Dow gained nearly 112 points, or 0.8%, to
finish at 14,559.65 and move back above its 10-day moving average.
The 30-member Dow saw 21 of its members advance, led by Intel (
), which climbed 2.9%. Bank of America (BAC) led the eight
decliners for the second straight day, falling nearly 1.0%. Alcoa
(AA) was unchanged.
S&P 500 Index (SPX)
also had a good day, picking up 12 points, or 0.8%, to close at
1,563.77 -- again narrowly missing setting a new all-time peak. The
Nasdaq Composite (COMP)
finished at 3,252.48, up 17 points, or 0.5%.
CBOE Market Volatility Index (VIX)
dropped 1 point, or 7.1%, to close at 12.77, dipping back below its
10-day moving average.
A Trader's Take
"Congratulations to the Dow," Detrick said. "After today's move
higher, it is now higher 11 straight Tuesdays. The previous record
was 10 back in 1988 and 2004."
3 Things to Know About Today's Market
- Homeowners were given
of good news when the Standard & Poor's/Case-Shiller home
price index had its largest year-over-year jump since 2006, with
a lack of available properties in the 20 represented cities
helping push prices higher.
- Boeing (BA)
its first test flight of the troubled 787 Dreamliner in an effort
to allow the planes to resume flying after batteries overheated
and caused fires on two flights.
- The so-called sequester, those automatic federal spending
cuts Washington leaders were unable to avoid,
consumer confidence well below expectations in March.
5 Stocks We Were Watching Today
- Ford Motor's (
) recent PR snafu and stock slide
to look for further declines over the coming weeks.
- Bullish traders
Seagate Technology (STX), seeking a short-term rise this
- One bullish investor
upped the ante
on Las Vegas Sands (LVS) by rolling positions to a higher
- Netflix (NFLX) saw
of short-term call action, with traders looking for today's
momentum to continue through the week.
- Bulls also
Oracle (ORCL) despite a post-earnings drop.
For a look at today's options movers and commodities
activity, head to page 2.
Stronger-than-forecast durable goods data pushed crude futures
to a five-week high Tuesday. Oil for May delivery finished at
$96.34 a barrel, up $1.53, or 1.6%.
Gold futures fell back on lower safe-haven demand -- dropping
back below $1,600 per ounce. April-dated gold closed at $1,595.70
per ounce, giving up $8.80, or 0.6%.
At the end of every market day, the staff at Schaeffer's
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