"As ugly as yesterday was, the bulls came back swinging today,"
remarked Schaeffer's Senior Technical Strategist Ryan Detrick, CMT.
"Kind of reminds you of 2013, huh? Earnings season kicked off today
with JPMorgan Chase & Co. (
) and Wells Fargo & Co (
) posting quarterly results. Although neither of them did much, the
overall market is looking forward to another better-than-expected
earnings season, as expectations once again look way too low."
Against this backdrop, the
Dow Jones Industrial Average (DJI)
bounced back with a triple-digit gain, and snapped its four-day
Continue reading for more on today's market, including
Dow Jones Industrial Average (DJI - 16,373.86)
was parked in the black for the entire session, and ended up
closing 115.9 points, or 0.7%, higher. The Dow's 26 advancers were
led by Intel Corporation's (
) analyst-induced gain of 4%, while The Boeing Company (BA) paced
the four decliners with a loss of 0.5%.
S&P 500 Index (SPX - 1,838.88)
also spent the day in positive territory, and was up 19.7 points,
or 1.1%, by the closing bell. Meanwhile, the
Nasdaq Composite (COMP - 4,183.02)
-- which touched a 13-year intraday high of 4,183.84 -- advanced
69.7 points, or 1.7%, for the session.
CBOE Volatility Index (VIX - 12.28)
faltered right out of the gate, and went on to finish 1 point, or
7.5%, lower on the day.
A Trader's Take
"Retail sales came in a little better than expected," Detrick
noted. "After the very sluggish jobs number last week, many are
worried the economy could be slowing before our eyes. Well, today's
retail data shows that might not be the case quite yet. Also, under
the surface, small-caps had a huge day. You have to love small-caps
leading, and once again, we saw this happen today."
5 Items on Our Radar Today
- The Commerce Department said
edged up 0.2% last month, slightly besting the consensus view.
Meanwhile, a separate report from The National Retail Federation
rose 3.8% in November and December, which was slightly short of
- During a speech at La Salle University, Philadelphia Fed
President Charles Plosser advocated for the central bank to
cease its asset-buying program
by the end of this year. Elsewhere, Richard Fisher -- president
of the Dallas Fed -- said he had hoped the central bank would
reduce the program
by $20 billion versus the $10 billion that was approved in
Facebook Inc (FB)
received a fresh bullish initiation from FBN Securities in
- Pessimistic speculators wagered on a decline for
Starbucks Corporation (SBUX)
by picking up front-month puts.
Advanced Micro Devices, Inc. (
options player utilized weekly calls to employ a pre-earnings
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures gained ground today, amid expectations for a
decline in tomorrow's weekly crude inventories report. The February
contract tacked on 79 cents, or 0.9%, to close at $92.59 per
Meanwhile, gold futures ended in the red, as prices were dragged
lower by hawkish comments from a pair of regional Fed officials.
February-dated gold dropped $5.70, or 0.5%, to finish at $1,245.40
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