"With the Fed on tap tomorrow and the European Central Bank
after that, traders were content to sit this one out, making it a
pretty slow day," noted Schaeffer's Senior Technical Strategist
Ryan Detrick, CMT. "Still, the
Dow Jones Industrial Average (DJI)
was able to post its 16th consecutive positive Tuesday. This is an
all-time record for Tuesdays, and is within shouting distance of
the Dow's streak of 24 consecutive Wednesday wins posted in 1968."
Continue reading for more on today's market, including
- Stocks stage a comeback, Apple Inc. (
) makes news, and Chesapeake Energy (
) has some traders worried ahead of earnings.
After falling nearly 85 points south of Monday's close right out
of the gate, the
Dow Jones Industrial Average (DJI)
began to dig itself out about an hour into the trading day,
ultimately closing with modest gains. The index ended at 14,839.80,
up 21.1 points, or 0.1%. Half of the Dow's 30 components settled
higher on the day, with International Business Machines (
) taking top honors with a 1.7% gain. At the back of the pack was
earnings-plagued Pfizer (PFE), which dropped 4.5%. For April, the
Dow logged a gain of 1.8%, its fifth consecutive positive monthly
S&P 500 Index (SPX)
tagged another new closing high, adding 4 points, or 0.3%, to
settle at 1,597.57, which was also a new all-time
high for the index. Tech stocks were again the favorite, taking the
Nasdaq Composite (COMP)
to another 12-year peak. At the close, the COMP was up 21.8 points,
or 0.7%, at 3,328.79, its intraday high. For the month, the SPX
surged 1.8% while the COMP traded 1.9% higher, the sixth positive
monthly close for both.
CBOE Market Volatility Index (VIX)
added 6.5% during April, but moved moderately lower today, shedding
0.2 point, or 1.4%, to 13.52.
A Trader's Take
"The S&P 500 managed another new all-time closing high
today," Detrick continued. "Also, April finished solidly in the
green for the month. There were a lot of vocal bears earlier this
month, but once again, the bulls prevailed. In fact, the SPX is now
up six months in a row. We are heading into the dreaded 'Sell in
May' period everyone talks about, though, so be on your toes
3 Things to Know About Today's Market
- For the first time in more than 20 years, Apple Inc. (
plans to sell debt
and will issue $17 billion in bonds. The market reacted
positively to this news, sending the shares more than 3% higher.
- The prices of single-family homes
rose 9.3% in February
, the largest year-over-year increase in nearly seven years, per
the S&P Case-Shiller home price index. All 20 metropolitan
areas tracked by the index enjoyed positive gains on the
(The Washington Post)
- Consumer confidence
ticked up to 68.1
in April from 61.9 last month, as the percentage of respondents
expecting improved business conditions over the next six months
rose to 16.9% from 15% in March.
(Los Angeles Times)
5 Stocks We Were Watching Today
- Sentiment indicators are
on Chesapeake Energy (
) ahead of earnings tomorrow.
- Best Buy Co. (BBY)
on the heels of news that it is ending its joint partnership with
- Options players were
of two minds
on Google Inc (GOOG) call options.
- Cisco Systems (CSCO) put sellers
bet on intermediate-term support
at the $17 level.
- Yahoo! (YHOO) bulls scooped up
long-term, out-of-the-money calls
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures retreated today, as a weaker Chicago PMI sparked
concerns about energy demand. June-dated crude dropped $1.04, or
1.1%, on the day to close at $93.46 per barrel. For the month, the
front-month oil contract slid 3.9% lower.
Gold was higher today, again buoyed by hopes for continued
accommodative monetary policy at home and abroad. June gold futures
added $4.70 in the session, rising 0.3% to settle at $1,472.10 an
ounce. For April, however, the precious metal sank more than 7.7%,
its worst monthly decline since December 2011.
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