Stocks Continue New-High Streak in Sleepy Session

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The economic and earnings calendars were bare at home, leaving traders to focus on overseas developments and remarks from Federal Reserve officials. Despite the slow news day, the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) pressed further into new-high territory, tagging new peaks on both an intraday and closing basis.

Continue reading for more on today's market, including :

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The Dow Jones Industrial Average (DJI - 16,943.10) notched a new intraday high of 16,970.17 around midday, and ended the session at a new closing peak, up 18.8 points, or 0.1%. The Walt Disney Company ( DIS ), United Technologies Corporation (UTX), and General Electric Company (GE) were the Dow's top performers, each adding 1% to pace the 14 advancing names. Intel Corporation (INTC) lost 0.9% to bring up the rear.

In similar fashion to its blue-chip counterpart, the S&P 500 Index (SPX - 1,951.27) edged 1.8 points higher, adding 0.1%, after reaching an intraday high-water mark of 1,955.55. The Nasdaq Composite (COMP - 4,336.24) was the day's outperformer, rising 14.8 points, or 0.3%.

The CBOE Volatility Index (VIX - 11.15) also rose, edging up 0.4 point, or 3.9%, to muscle back above the 11 mark.

CLOSING SUMMARY - INDICES

CLOSING SUMMARY - NYSE AND NASDAQ

5 Items on Our Radar Today :

  1. M&A developments were prevalent on the newswires ahead of today's open. First, Tyson Foods, Inc. (TSN) inked an offer to acquire the sought-after Hillshire Brands Co (HSH) for $63 per share, or $7.8 billion in cash, excluding debt. Elsewhere, Merck & Co., Inc. (MRK) is buying out Idenix Pharmaceuticals Inc (IDIX) for $3.85 billion, as it looks toward a more effective treatment for hepatitis C. (Chicago Tribune; Reuters)
  2. Boston Federal Reserve President Eric Rosengren weighed in on monetary policy today, suggesting the central bank should not lift short-term interest rates until the U.S. economy is "within one year" of the Fed's two major goals (full employment and an inflation rate of 2%). "Full employment," in Rosengren's opinion, is an unemployment rate of 5.25%. (MarketWatch)
  3. Is the CBOE Volatility Index's (VIX) move to new seven-year lows a sign of something significant? Schaeffer's contributor Adam Warner investigates.
  4. Days ahead of its earnings report on Thursday morning, Lululemon Athletica inc. ( LULU ) suffered a price-target cut.
  5. The Clorox Co (CLX) saw an unusual spike in call volume today, as speculators wagered on short-term strength.

For a look at today's options movers and commodities activity, head to page 2.

STOCKS - NOTABLE CALL ACTIVITY

STOCKS - NOTABLE PUT ACTIVITY

Commodities :

Heightened expectations for energy demand drove oil futures solidly higher today. July crude futures settled up $1.75, or 1.7%, at $104.41 per barrel, the highest close for a most-active contract since early March.

Gold futures advanced slightly on Monday, staying within their recent trading range. By the close, August-dated futures had added $1.40, or 0.1%, to $1,253.90 an ounce, the highest closing price since May 29.

SCHAEFFER'S MARKET POSTURE

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.



This article appears in: Investing , Options
More Headlines for: AAPL , NFLX , AMZN , LULU , DIS


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