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Dow Posts Best Week Since January as Markets End Higher
9/13/2013 4:24:00 PM
By: Schaeffer's Investment Research
"There was quite a bit of economic data released today, and most
of it relayed the message of modest growth," observed Schaeffer's
Senior Equity Analyst Joe Bell, CMT. "Retail sales were slightly
worse than expected, and the producer price index signaled a little
bit of inflation. The markets generally reacted favorably, as the
strong momentum continued into the end of the week." As a result,
Dow Jones Industrial Average (DJI)
finished firmly in positive territory.
The Dow Jones Industrial Average (DJI - 15,376.06) spent the entire session in the black, and tagged an intraday high of 15,380.97 shortly after noon. For the day, the blue-chip barometer ended up finishing 75.4 points, or 0.5%, higher. On a week-over-week basis, the index gained 3%, its best weekly return since January. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%.
The S&P 500 Index (SPX - 1,687.99) experienced some rollercoaster price action this morning, surging right out of the gate, only to touch a session low of 1,682.22 an hour later. By the close, however, the SPX was up 4.6 points, or 0.3%. Meanwhile, the Nasdaq Composite (COMP - 3,722.18) gained 6.2 points, or 0.2%. For the week, indexes rose 2% and 1.7%, respectively.
The CBOE Market Volatility Index (VIX - 14.16) had a choppy ride today, as well, and ended up finishing 0.1 point, or 0.9%, lower. The "fear gauge" shed 10.7% for the week, closing below its 20-week moving average once again.
A Trader's Take :
"Despite the strong price action we have experienced during the start of September, we are finally set to hear from the Fed next week," continued Bell. "Certainly all eyes will be on Fed Chairman Ben Bernanke, as many market participants are eager to find out if tapering will begin in September, and if so, by how much."
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 futures felt the weight of today's weaker-than-expected retail sales and consumer sentiment data, while efforts to avoid a U.S. military strike on Syria also dragged prices lower. By the close, October-dated crude shaved off 39 cents, or 0.4%, to end at $108.21 per barrel. On a weekly basis, black gold shed 2.1%.
Meanwhile, gold futures extended yesterday's decline, as investors await the Fed's policy statement due next week. Gold for December delivery fell $22, or 1.7%, to finish at $1,308.60 an ounce -- the lowest close since Aug. 7. For the week, the precious metal dropped 5.6%.