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Dow Keeps Streak Alive at Eight Days, Sets New High
3/12/2013 4:28:00 PM
By: Schaeffer's Investment Research
"It was an extremely slow day, with the markets not really
reacting to much of anything," said Schaeffer's Senior Equity
Analyst Joe Bell on a day that saw the
Dow Jones Industrial Average (DJI)
finish slightly up on a late rally to push its winning streak to
eight days. "After an incredibly strong rally last week, the broad
market indices continued their coma-like behavior as we approach
mid-week. Consumer staples and health care stocks -- which are both
more defensive by nature -- both displayed leadership."
The Dow Jones Industrial Average (DJI) finished with a minor rally, enough to keep its eight-day winning streak alive on a day that also saw the index set its sixth straight intraday high at 14,478.80. The Dow gained nearly 3 points, or less than 0.1%, to finish at 14,450.06. The 30-member Dow saw 12 companies advance, led by Merck & Co. (MRK), which climbed 3.2%. The 17 decliners were paced by Caterpillar (CAT), which fell 1.6%. Exxon Mobil (XOM) was unchanged.
The S&P 500 Index (SPX) fell, shedding nearly 4 points, or 0.2%, to close at 1,552.48 despite hitting another multi-year high of 1,556.77 in intraday trading. The Nasdaq Composite (COMP) also lost ground, giving back nearly 11 points, or 0.3%, to finish at 3,242.32.
The CBOE Market Volatility Index (VIX) gained 0.7 point, or 6.3%, to close at 12.27.
A Trader's Take :
"The best thing about today's trading is that it's over," Bell quipped. "Tomorrow (Wednesday) should be a little more eventful, as several companies are set to report retail sales. Despite continued skepticism, the consumer discretionary sector has been incredibly hot this year."
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.
An upwardly revised 2014 demand estimate for China pushed oil futures higher on Tuesday, with crude for April delivery rising 48 cents, or 0.5%, to end at $92.54 per barrel.
April-dated gold climbed $13.70, or 0.9%, to finish at $1,591.70 per ounce. It was the highest daily close since Feb. 27.
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 critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.