"This morning, Citigroup Inc (
) reported better-than-expected earnings, and last month's retail
sales report came in above the consensus," summarized Schaeffer's
Senior Equity Analyst Joe Bell, CMT. "Despite this positive news
for these sectors, we didn't see really strong outperformance from
financial stocks or retail names. Many of the high-beta names and
tech stocks showed relative strength early on before facing some
choppy activity during the afternoon." Up nearly 160 points at its
intraday peak, the
Dow Jones Industrial Average (DJI)
enjoyed a solid triple-digit gain into the close.
Trading Topic of the Week
Continue reading for more on today's market, including
-- Tips for Short-Term Trading:
Target stocks poised for a big move
. To reap big returns with a short-term trade, you need to single
out stocks that make dramatic moves on a regular basis. Historical
volatility and Bollinger Bands can offer important clues.
Dow Jones Industrial Average (DJI - 16,173.24)
spent the session in the green and gained 146.5 points, or 0.9%, by
the close, settling just shy of its intraday peak. All but three of
the Dow's components moved higher on the day, led by Visa Inc (V),
which added 2.2%. At the back of the pack were Merck & Co.,
Inc. (MRK) and JPMorgan Chase & Co. (JPM), which each slipped
0.6% on the day.
S&P 500 Index (SPX - 1,830.61)
bounced up 14.9 points, or 0.8%, to close a chip-shot south of its
daily high. The
Nasdaq Composite (COMP - 4,022.69)
moved back above the 4,000 mark, and settled the day with a gain of
23 points, or 0.6%.
Following last week's 22% jump, the
CBOE Volatility Index (VIX - 16.11)
slipped back south of the 17 level today. By the close, the "fear
barometer" had given back 0.9 point, or 5.4%.
A Trader's Take
"We were definitely able to curb that downward momentum that
occurred late last week, and the major indexes managed to close
near their intraday peaks following a late-session surge," noted
Bell. "With earnings season now underway, market participants will
be looking forward to several catalysts in the coming weeks."
5 Items on Our Radar Today
- Retail sales came in better than expected last month, rising
1.1% for the
sharpest increase on the books
since September 2012. Excluding vehicle sales -- which spiked
3.1% for the month -- retail sales expanded 0.7%.
- General Motors Company (
) is dealing with a
amid a continuation of recall-related headlines. Today, the
automaker said its heads of human resources and communications
would be exiting their posts. A replacement has been found for
the former position, while the chief of communications post
(AP, via Huffington Post)
- Bearish speculation in
Apple Inc. (
options pits is approaching an annual high.
JPMorgan Chase & Co. (JPM)
suffered negative attention from Wall Street on the heels of
Friday's poorly received earnings report.
Herbalife Ltd. (HLF)
bounced back from Friday's pullback, but remained popular among
For a look at today's options movers and commodities
activity, head to page 2.
Geopolitical concerns sent oil futures to a six-week high today,
as investors expressed caution over global supplies. The May
contract rose by 31 cents, or 0.3%, to settle at $104.05 per
Gold futures also moved higher, sparked by anxiety over rising
tensions between Russia and Ukraine. Gold for June delivery added
$8.50, or 0.6%, by the close, to settle at $1,327.50 an ounce. When
comparing most-active contracts, this was the highest close for
gold since March 21. Palladium extended its journey into
two-year-high territory, with the June contract ending $4.70, or
0.6%, higher at $811.50.
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