"It was a slow week for economic data, and earnings season is
pretty much in the rearview mirror at this point," summarized
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Couple that with
the fact that it was a shortened holiday session, and the market
was pretty uneventful." Nevertheless, the
Dow Jones Industrial Average (DJI)
, as well as other major indexes, managed to secure new intraday
highs once again, though the Dow and the S&P 500 settled the
session below breakeven.
Continue reading for more on today's market, including
Retailers project strong Black Friday returns, Apple Inc. (
) secures a legal victory, and BlackBerry Ltd (
) speculators eye short-term support.
After spending nearly the entire session above the breakeven
mark -- and notching a new all-time intraday peak of 16,174.51 --
Dow Jones Industrial Average (DJI - 16,086.41)
spiraled lower into the closing bell, finishing off 10.9 points, or
nearly 0.1%. On a week-over-week basis, the blue-chip index gained
0.1%, and added 3.5% for the month. Ten Dow names finished higher
on the day, led by Microsoft Corporation (
), which rallied 1.4%. Bringing up the rear together were AT&T
), United Technologies Corporation (UTX), Verizon Communications
Inc. (VZ), and General Electric Company (GE), all of which lost
0.6% today. Ending the session unchanged were The Coca-Cola Company
(KO) and Merck & Co., Inc. (MRK).
S&P 500 Index (SPX - 1,805.81)
also slipped into the red by the close -- finishing down 1.4
points, or roughly 0.1% -- but not before tagging a record intraday
peak of 1,813.55. The SPX finished the week up less than 0.1%, and
closed November with a 2.8% gain. The
Nasdaq Composite (COMP - 4,059.89)
added 15.1 points, or 0.4%, and registered another new 13-year high
of 4,069.70 in intraday trading. The COMP added 3.6% in November
and 1.7% this week.
CBOE Volatility Index (VIX - 13.70)
rallied into the close, settling with a gain of 0.7 point, or 5.6%,
for its first close above 13 since Nov. 20. This week, the VIX
added 11.7%, but closed off 0.4% in November.
A Trader's Take
"Despite the slow day, the markets continued to churn higher
with extremely low volatility," noted Bell. "We once again finished
the week higher, marking the eighth consecutive positive week for
the S&P 500."
5 Things We Were Watching Today
- Early indications from the start of the holiday shopping
season are positive,
according to major chains
. Target Corporation (TGT) indicated that store traffic hit new
records, while Macy's, Inc. (M) reported that 15,000 shoppers
were lined up outside of its flagship Manhattan location, up from
11,000 last year. The National Retail Federation expects overall
retail sales to rise 4% during the final two months of the year,
compared with 2012.
BlackBerry Ltd (
options traders have been selling to open short-term puts, in
hopes that the shares will not visit another new low.
Micron Technology, Inc. (MU)
nabbed another 11-year high, call buyers targeted continued gains
in the shares.
- A federal judge dismissed a consumer lawsuit filed against
Apple Inc. (
. Meanwhile, the company adjusted its Black Friday promotions for
- Bullish speculators flocked to
Sirius XM Holdings Inc (SIRI)
, betting on continued upside in the satellite radio
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures were modestly higher at last check, with the
January contract rising $1.22, or 1.3%, to $93.52 per barrel. For
November, black gold is set to close nearly 3% lower.
February gold futures (representing the most active contract)
were also higher, up $12.50, or 1%, to $1,250.40 an ounce thanks to
a weaker dollar. For the month, however, the yellow metal suffered
a 5.5% pullback.