"The news about the Iran nuclear deal caused some excitement
this morning, but near the end of the day, everything was nearly
flat, and volume was light," noted Schaeffer's Senior Technical
Strategist Ryan Detrick, CMT. "Historically, Thanksgiving week has
a bullish tint to it, with most of these gains coming later in the
week." Meanwhile, the
Dow Jones Industrial Average (DJI)
S&P 500 Index (SPX)
Nasdaq Composite (COMP)
all achieved technical milestones before paring their respective
Continue reading for more on today's market, including
Iran agreed to curb its nuclear program, pending home sales hit
a near-12-month low, and outperforming Pandora Media Inc (
) received some downbeat analyst attention.
Dow Jones Industrial Average (DJI - 16,072.54)
churned higher for a large portion of the session, and touched an
all-time intraday high of 16,109.63 around 2:30 p.m. ET. By the
closing bell, however, the blue-chip bellwether was up a mere 7.8
points, or roughly 0.1% -- just enough to mark a record closing
peak. Caterpillar Inc. (
) led the Dow's 18 advancers with a gain of 1.8%, while a 2.2% drop
for The Boeing Company (
) paced the 12 decliners.
S&P 500 Index (SPX - 1,802.48)
tagged its own record intraday peak of 1,808.10 shortly after the
opening bell, but ended up finishing 2.3 points, or 0.1%, lower by
session's end. Meanwhile, the
Nasdaq Composite (COMP - 3,994.57)
hit a new 13-year high of 4,007.09, and added 2.9 points, or 0.1%,
on the day.
CBOE Volatility Index (VIX - 12.79)
was parked in the green for the entire day, and was 0.5 point, or
4.3%, higher by the closing bell.
A Trader's Take
"The Nasdaq hit 4,000 for the first time in 13 years, although
it wasn't able to close above this area," Detrick went on. "With
the Dow near 16,000 and the SPX near 1,800, all three major indexes
are near psychologically significant areas. Still, we remain
impressed by the fact that small-caps and financials continue to
reach new highs, as well. One of the knocks on the 2000 peak was
how the only sector going up near the end was tech stocks. Looking
at the 2007 peak, financial stocks were big-time laggards for
months before the ultimate peak. Turning to the present, we have
very broad-based strength in various sectors. Sure, we could have a
pullback at any time, but with this much broad-based strength, it
does look good for continued gains going out longer term."
3 Things to Know About Today's Market
reached a deal
with several world powers over the weekend, under which the
country has agreed to ease its nuclear program. In exchange, the
temporary pact forged with the United States, France, Germany,
Britain, China, and Russia grants Iran initial sanctions relief.
- The National Association of Realtors said
pending home sales
fell 0.6% in October, marking a fifth consecutive monthly
decline. This latest figure -- which was partially attributed to
the government shutdown -- also marked the slowest sales pace in
nearly a year.
- The Dallas Fed revealed that its
general business activity index
arrived at 1.9 in November, down from a reading of 3.6 in the
month prior. On a more upbeat note, however, the company outlook
index climbed to 8.0 from 5.4.
(The Wall Street Journal)
5 Stocks We Were Watching Today
Pandora Media Inc (
received a bearish brokerage note at Morgan Stanley, despite the
stock's impressive year-to-date gains.
- Puts were active on
Facebook Inc (FB)
, with one group of traders focusing on the front-month series of
QUALCOMM, Inc. (QCOM)
shares faltered following Friday's new high, amid news of an
investigation being launched overseas.
- Near-term call players zeroed in on
Sirius XM Holdings Inc (SIRI)
, but some of these speculators may have been skeptics in
Take-Two Interactive Software, Inc. (TTWO)
attracted a crop of option bears, who bet on notable losses for
the security by early next year.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures edged south today, as an agreement over Iran's
nuclear program pressured oil prices lower. By the close, the
January contract lopped off 75 cents, or 0.8%, to end at $94.09 per
Likewise, the same headlines weighed on gold futures, with
December-dated gold falling $2.90, or 0.2%, to finish at $1,241.20