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Markets Close Out Losing Week on Up Note
3/22/2013 4:19:00 PM
By: Schaeffer's Investment Research
"The markets churned higher, as more and more reports are coming
out of Europe that indicate Cyprus may reach a resolution sooner
rather than later," said Schaeffer's Senior Equity Analyst Joe Bell
Dow Jones Industrial Average (DJI)
finished the week strong. "Technology continued to lag, but
consumer discretionary names faired quite well."
The Dow Jones Industrial Average (DJI) ended the week on a strong note thanks to new hope that things will settle down in Cyprus. The Dow gained nearly 91 points, or 0.6%, to finish at 14,512.03. The 30-member Dow saw 22 of its members advance, led by Hewlett-Packard ( HPQ ), which climbed 3.2%. UnitedHealth Group (UNH) led the seven decliners by falling 1.1%. Alcoa (AA) was unchanged. For the week, the Dow finished down less than 0.1%, a mere 2 points below last Friday's close.
The S&P 500 Index (SPX) also gained, picking up 11 points, or 0.7%, to close at 1,556.89. The SPX lost 0.2% on the week. The Nasdaq Composite (COMP) finished at 3,245.00, up 22 points, or 0.7%. The week saw the COMP drop 0.1%.
The CBOE Market Volatility Index (VIX) fell 0.42 point, or 3%, to close at 13.57. The VIX gained 20.1% on the week.
A Trader's Take :
"It was a pretty slow day, but growth stocks took a slight leadership role," Bell said. "As the week comes to an end, it seems like most sectors have taken a bit of a breather after the strong momentum in early March."
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 followed the equity markets higher today, with oil for May delivery finishing at $93.71 per barrel, up $1.26, or 1.4%. Oil gained 0.3% on the week.
Gold for April delivery fell $7.70, or 0.5%, to end at $1,606.10 per ounce, as the precious metal lost some of its safe-haven appeal on the improving outlook for Cyprus. Gold climbed 0.8% on the week.
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