"When you consider last week was the worst week so far this
year, it has been nice to see buyers stepping in these last few
days," noted Schaeffer's Senior Technical Strategist Ryan Detrick,
Dow Jones Industrial Average (DJI)
bounced back from yesterday's modest loss but closed off its
intraday peak. Meanwhile, as Detrick noted, "The S&P 500 Index
(SPX) made it up to the 1,590 area and ran into some trouble. That
spot was the peak earlier this month, so it makes sense to have
some hesitation there."
Continue reading for more on today's market, including
- Stocks move slightly higher, the CBOE goes dark, and one
Wells Fargo (
) bull bets big.
Dow Jones Industrial Average (DJI)
pared some of its losses from Wednesday's session, rising 24.5
points, or 0.2%, to 14,700.80 after testing its 10-day moving
average at its intraday low. Of the blue-chip index's 30 members,
19 were higher on the day, with Verizon Communications (
) leading the charge on rumors that it may
make a bid for full control
of Verizon Wireless. 3M (
) paced the declining minority, shedding 2.8% after its quarterly
S&P 500 Index (SPX)
settled for a gain of 6.4 points, or 0.4%, at 1,585.16, topping out
at 1,592.64 around 2:00 p.m. Eastern. The
Nasdaq Composite (COMP)
was the outperforming index of the day, gaining 0.6%, or 20.3
points, to finish the session at 3,289.99.
CBOE Market Volatility Index (VIX)
-- halted in the a.m. due to issues at the CBOE -- ended the day
just 0.01 point higher, adding less than 0.1% to 13.62.
A Trader's Take
"Overall, the recent batch of earnings have been much better
than what we saw last week," observed Detrick. "This has helped
spark this week's snap-back rally, in my opinion."
3 Things to Know About Today's Market
- A day before its 40th birthday, the Chicago Board Options
Exchange (CBOE) was crippled by a
, which resulted in a trading delay of more than three hours. The
issue was fixed by 1:00 p.m. Eastern Time, before which options
on the CBOE Market Volatility Index (VIX) were unavailable for
Weekly jobless claims
fell by a larger-than-expected 16,000 to a seasonally adjusted
339,000, which was just shy of a new five-year low.
(The Wall Street Journal)
- In blue-chip earnings news, Exxon Mobil (XOM) announced
of $2.12 per share (excluding items), topping expectations of
$2.05 per share. Revenue also exceeded estimates.
5 Stocks We Were Watching Today
- The back-and-forth posturing continued on Apple Inc. (AAPL),
earned an upgrade
ahead of the open.
large block of long-term calls
traded hands in the Wells Fargo & Co. (
- Speculative bears
scooped up back-month puts
in Alcatel Lucent SA (ALU).
- Pandora Media Inc (P) hopefuls are anticipating a
in the next few weeks.
- Call buyers gambled on
in United States Steel (X).
For a look at today's options movers and commodities
activity, head to page 2.
Encouraging economic news out of the U.K. and a sagging U.S.
dollar helped boost oil prices to their highest level in more than
two weeks. At the close, June crude futures were up $2.21, or 2.4%,
at $93.64 per barrel.
Meanwhile, gold futures posted their sharpest one-day gain in
2013, assisted by an ailing greenback and building demand for the
yellow metal. June-dated gold closed the session at $1,462 an
ounce, up $38.30 on the day, or 2.7%.
At the end of every market day, the staff at Schaeffer's
Investment Research reviews the trading day in detail, covering
major events and key market developments. Don't miss this
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