"As expected, Fed Chair nominee Janet Yellen offered a rather
dovish stance to the Senate Banking Committee," noted Schaeffer's
Senior Technical Strategist Ryan Detrick, CMT. "This didn't rock
the boat too much, and as a result, the bulls came out once again.
In the process, the
Dow Jones Industrial Average (DJI)
S&P 500 Index (SPX)
both hit new all-time highs, so we can't complain too much there."
Continue reading for more on today's market, including
Fed Chair nominee Janet Yellen faced the Senate Banking
Committee, weekly jobless claims fell less than expected, and Cisco
Systems, Inc.'s (
) downbeat earnings triggered a round of negative analyst
Dow Jones Industrial Average (DJI - 15,876.22)
experienced another day of technical milestones, tagging an
all-time intraday peak of 15,884.99. The blue-chip index went on to
finish the session 54.6 points, or 0.4%, higher -- marking a record
closing high yet again. The Home Depot, Inc. (
) led the Dow's 23 advancers with a gain of 1.7%, while an
earnings-induced loss of 11% for Cisco Systems, Inc. (
) paced the seven laggards.
S&P 500 Index (SPX - 1,790.62)
also reached a record intraday high, rising to 1,791.53, and was up
8.6 points, or 0.5%, by day's end -- securing another all-time
closing peak. Meanwhile, the
Nasdaq Composite (COMP - 3,972.74)
added 7.2 points, or 0.2%, and managed to tag a new 13-year peak of
3,975.89 in intraday trading.
CBOE Volatility Index (VIX - 12.37)
spent the early morning hours north of breakeven, but faltered as
the day went on, closing 0.2 point, or 1.2%, lower.
A Trader's Take
"Cisco Systems, Inc. (
) gapped lower on earnings, and this held tech stocks back,"
Detrick continued. "Still, overall, this earnings season once again
came in better than the lowered expectations. We've seen this
pattern play out for nearly three years now, as analysts get overly
cautious ahead of earnings, and sure enough, earnings come in
better than anticipated. Tomorrow is expiration Friday, so be sure
to close out any open trades that might expire."
3 Things to Know About Today's Market
- Janet Yellen appears to have aced her
hearing with the Senate Banking Committee
today, as the Fed Chair nominee fielded questions about the
central bank's bond-buying program, among other topics. One of
her main sticking points for supporting current stimulus measures
was the high unemployment rate, which she called "a virtually
- President Barack Obama admitted that the recent
rollout of his health care law
was flawed, and told reporters, "We did fumble the ball on it and
what I'm going to do is make sure we get it fixed." He also
announced a change that will allow insurers to renew their
policies for another year.
- The Labor Department said
initial jobless claims
fell by 2,000 last week to a seasonally adjusted 339,000.
Economists, on average, were expecting a drop to 335,000.
Meanwhile, the four-week moving average for first-time filings
dropped by 5,750 to 344,000.
5 Stocks We Were Watching Today
Cisco Systems, Inc. (
was hit with a round of bearish brokerage notes today, after
reporting lackluster quarterly earnings last night.
explores the negative sentiment surrounding
Netflix, Inc. (
, despite its technical prowess.
- Puts were popular on
Wal-Mart Stores, Inc. (WMT)
, following the retailer's turn in the earnings confessional this
Tesla Motors Inc (TSLA)
leader Elon Musk was in the positive spotlight, despite the firm
snagging a few negative headlines recently.
- Bullish speculators zeroed in on
QUALCOMM, Inc. (QCOM)
, and showed a particular interest in the stock's weekly call
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures edged lower today, as oil supplies increased for
the eighth straight week. By the closing bell, the December
contract shaved off 12 cents, or 0.1%, to end at $93.76 per
Meanwhile, gold futures snapped their five-day losing streak,
thanks to weaker-than-expected jobless data, as well as Janet
Yellen's remarks before the Senate Banking Committee.
December-dated gold climbed $17.90, or 1.4%, to close at $1,286.30