|Back to main|
Dow Rallies 128 on Strong Earnings Data
10/16/2012 4:33:00 PM
By: Schaeffer's Investment Research
Thanks to some upbeat news on the earnings front, the
Dow Jones Industrial Average (DJI)
secured a triple-digit gain within the first hour of the session,
and remained firmly planted above the 13,525 level throughout most
of the day.
Dow Jones Industrial Average (DJI - 13,551.78) UNH INTC GE
The S&P 500 Index (SPX - 1,454.92) and Nasdaq Composite (COMP - 3,101.17) both headed north early in the session and notched solid wins by the time the dust settled. The SPX tacked on 15 points, or 1%, while the COMP added 37 points, or 1.2%.
The CBOE Market Volatility Index (VIX - 15.21) edged 0.1 point, or 0.3%, lower today, breaching its 20-day moving average for the first time in over a week.
Today's highlight : "Reading about all the Pandit drama was fun," said Ryan. "Was he forced out? Was it all his decision? Was it over money? Hey, whatever the reason, no one saw this coming, and the fact the stock was still up over a percent after the initial drop is yet another sign that the bulls are quickly taking back control."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Oil futures managed a minor win today, lifted by optimism over a potential Spanish bailout. November-dated oil added 24 cents, or 0.3%, to finish at a one-week best of $92.09 per barrel.
Gold futures also ended higher, as the U.S. dollar lost ground to its European counterpart. The December contract tacked on $8.70, or 0.5%, to settle at $1,746.30 per ounce.
Levels to watch in trading...
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.