Even though the
Dow Jones Industrial Average (DJI)
found its way to yet another new record high, "There wasn't too
much to talk about today, as earnings reports were pretty light and
there isn't too much economic data coming out this week," noted
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The Dow
maintained its strength above the 15,000 level, as most intraday
selling was met with participants buying the dip."
Continue reading for more on today's market, including
- Rumors of a Yahoo!/Hulu courtship, suspiciously rosy Chinese
trade data, and another major move for volatile retail name J.C.
Dow Jones Industrial Average (DJI)
spent the first hour of the session in the red, but bounced back to
hit a new all-time high of 15,106.81 in the final minutes of
trading. The Dow settled on a gain of 48.9 points, or 0.3%, at
15,105.12 -- breezing past the previous day's record-best close.
) paced the 21 advancing blue chips with a 3.3% jump, while
) led the nine laggards with a 1.3% loss.
S&P 500 Index (SPX)
kept pace with the Dow, hitting a new intraday peak of 1,632.78
before settling at an all-time closing high of 1,632.69 -- up 6.7
points, or 0.4%. Also on the upswing was the
Nasdaq Composite (COMP)
, which tacked on 16.6 points, or 0.5%, to finish squarely at its
session high of 3,413.27. This marked yet another new 12-year peak
for the COMP.
CBOE Market Volatility Index (VIX)
sagged, meanwhile, ending the day down 1.3% at 12.66.
A Trader's Take
"The strong momentum and uptrend just keeps chugging along,"
remarked Bell. "The broad markets actually traded lower early in
the day, so the resilience and late-day strength were pretty
3 Things to Know About Today's Market
- Yahoo! (
) CEO Marissa Mayer is eyeing a
potential Hulu acquisition
, according to reports. Sources close to the matter say YHOO is
"in the process" of bidding on Hulu after Mayer held an
"extensive getting-to-know-you" meeting with company execs. At
this point, however, the discussions are said to be in the
(All Things D)
Chinese trade data
was better than expected, with export activity rising 14.7% in
April while imports surged 16.8%. Both readings exceeded
economists' estimates, but Bank of America noted the growth
numbers should be highly scrutinized, as they might be falsely
- Freddie Mac reported its
second-largest profit in company history
during the first quarter. Growing refinance activity -- along
with a jump in home prices -- contributed to the
government-backed mortgage firm's bottom line.
5 Stocks We Were Watching Today
- Intel Corporation (INTC) continued to attract the attention
weekly call buyers
- J.C. Penney (
) was swarmed by front-month call and put players after providing
not-completely-dismal sales update
- Google Inc (GOOG) bears wagered on a
from record highs.
- Research In Motion Ltd (BBRY) saw its
price target upped
by $3 at Macquarie.
- Barrick Gold (ABX) enjoyed a big bounce, which triggered a
heavy dose of
short-term call volume
on the commodity stock.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures bounced today, ending at a five-week high as
traders cheered a raft of positive data. Commodities climbed across
the board following signs of
strong demand from China
, while a smaller-than-forecast rise in U.S. crude inventories
cemented the bullish mood. Oil for June delivery added $1, or 1.1%,
to end the day at $96.62 per barrel.
Gold prices also rallied, as a softer U.S. dollar helped the
precious metal recover from Tuesday's pullback. June-dated gold
gained $24.90, or 1.7%, to end the day at $1,473.70 per ounce.
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