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Dow Finishes Modestly Higher Amid Mixed Earnings
7/25/2013 4:21:00 PM
By: Schaeffer's Investment Research
"It definitely seemed like more of the same today," commented
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After a crop of
earnings reports following yesterday's close, price action was
mixed, and by the end of the day, most sectors ended up nearly
flat. While financials were relatively weak, healthcare and
materials led the broad market." Meanwhile, the
Dow Jones Industrial Average (DJI)
muscled back from its morning lows to finish modestly higher.
The Dow Jones Industrial Average (DJI - 15,555.61) sank to an intraday low of 15,455.59 this morning, but managed to recover these losses and then some. By the close, the blue-chip bellwether tacked on 13.4 points, or 0.1%. Chevron ( CVX ) led the Dow's 17 advancers with a gain of 1.1%, while Microsoft's ( MSFT ) 1.8% loss paced the 13 decliners.
The S&P 500 Index (SPX - 1,690.25) spent the first half of the session south of breakeven, but ended up in recovery mode by the afternoon to finish 4.3 points, or 0.3%, higher. Meanwhile, the Nasdaq Composite (COMP - 3,605.19) outshined its peers with an advance of 25.6 points, or 0.7%.
The CBOE Market Volatility Index (VIX - 12.97) backed off of yesterday's gains to end 0.2 point, or 1.6%, lower.
A Trader's Take :
"The market remains incredibly resilient," noted Bell. "Every time you think it's due for a pullback, it continues to churn higher. Volatility remains incredibly low, and right now, all dips are being bought."
3 Things to Know About Today's Market :
5 Stocks We Were Watching Today :
For a look at today's options movers and commodities activity, head to page 2.
Crude oil futures notched a modest gain today, thanks to the Commerce Department's durable goods data. By the time the dust settled, September-dated oil tacked on 10 cents, or 0.1%, to end at $105.49 per barrel.
Meanwhile, on the heels of yesterday's more than 1% drop, gold futures finished higher, thanks to a weaker dollar. By time the closing bell rang, the August contract was up $9.30, or 0.7%, to finish at $1,328.80 an ounce.