"Despite the worse-than-expected durable goods orders report
this morning, the market simply refused to sell off," quipped
Schaeffer's Senior Equity Analyst Joe Bell. "In addition, energy
and materials stocks had a stellar day, as commodities are enjoying
a strong rebound." The
Dow Jones Industrial Average (DJI)
, meanwhile, traded in a relatively tight range and stayed just
south of breakeven for most of the day, ultimately closing off
Continue reading for more on today's market, including
- Markets hold steady, durable goods plunge, and Facebook Inc (
) traders bet on a short-term pullback.
Dow Jones Industrial Average (DJI)
lagged its index peers today, as a pair of its components suffered
post-earnings setbacks. Late-day selling put the Dow near its nadir
of the day at the closing bell, when it settled at 14,676.30, down
43.2 points, or 0.3%. Half of the Dow's 30 members moved higher on
the day, with Microsoft (
) again in the top slot, up 3.8%. Procter & Gamble (
) and AT&T (
) brought up the rear after poorly received earnings results; PG
shed 5.9% on the day, while T lost 5%.
S&P 500 Index (SPX)
, though, was hardly changed, up 1 cent at 1,578.79. It was a
similarly flat day for the
Nasdaq Composite (COMP)
, which rose 32 cents to close at 3,269.65.
CBOE Market Volatility Index (VIX)
managed to tick higher amid the inertia, adding 13 cents, or nearly
1%, to 13.61. It was the first winning day for the VIX since last
A Trader's Take
"We are definitely in the heart of earnings season, and
receiving mixed reactions in several stocks across several
sectors," noted Bell. "Technology seemed to be a big laggard today,
as Apple Inc. (AAPL) faced a negative reaction to its earnings
3 Things to Know About Today's Market
- Durable goods orders
dropped 5.7% last month
, according to the Commerce Department. This was the reading's
sharpest pullback in seven months, and it disappointed
economists, who were projecting a 2.8% decline.
Markets rose in Europe
for the fourth session in a row, as investors remained hopeful
that the European Central Bank will lower interest rates.
- Apple Inc. (AAPL) traded in a wide range today, following an
that narrowly topped estimates, news of a stock buyback and
dividend hike, and
several price-target cuts
along Wall Street. By the close, the shares were up 0.4%.
5 Stocks We Were Watching Today
: Is J.C. Penney Company (JCP) staging a comeback?
- Zynga Inc (ZNGA) scored a
just ahead of its earnings report.
- Bearish speculators made
against Facebook Inc (
- Clean Energy Fuels (CLNE) saw a
spike in call volume
as the shares rallied on declining natural gas prices.
- Options volume was
all over the map
in Cisco Systems (CSCO) today.
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures rallied on news that crude supplies grew by less
than expected, while gasoline stockpiles dropped. June-dated crude
added $2.25, or 2.5%, ending the session near a two-week high at
$91.43 per barrel.
Gold was also higher, as a drop in durable-goods orders sent
bargain-hungry investors looking for a safe haven. June gold
futures added $14.90, or 1.1%, to close at $1,423.70 an ounce, the
precious metal's highest close since April 12.
At the end of every market day, the staff at Schaeffer's
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