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Undeterred by Global Concerns, Stocks Veer Higher
7/3/2013 1:27:00 PM
By: Schaeffer's Investment Research
"The U.S. markets shook off worldwide selling in a very nice
fashion today," observed Schaeffer's Senior Technical Strategist
Ryan Detrick, CMT. "Sure, volume was light and it was a half-day.
Still, it was impressive given how things looked in the morning."
Dow Jones Industrial Average (DJI)
started in the red, but fought back throughout the shortened
session, settling with a 0.4% gain. The blue-chip index remains
eluded, however, by the 15,000 level.
The Dow Jones Industrial Average (DJI - 14,988.55) once again crossed through the 15,000 level intraday, but was unable to hold above this millennium mark. Still, after hitting a morning low of 14,858.93, the index settled with a gain of 56.1 points, or 0.4%. Twenty-one of the Dow's 30 components moved higher today, with Boeing ( BA ) the top performer, up 1.4%. Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade .
The S&P 500 Index (SPX - 1,615.41) posted minor gains, rising 1.3 points, or 0.1%, to end the session below its 50-day moving average. The Nasdaq Composite (COMP - 3,443.67) also gained modest ground, tacking on 10.3 points, or 0.3%.
The CBOE Market Volatility Index (VIX - 16.20) headed back into losing territory after finishing Tuesday's session in the green. The VIX closed off 0.2 point, or 1.5%, right at its intraday low.
A Trader's Take :
"Today's ADP private-sector payrolls report showed some impressive job growth, and that sparked some buying," Detrick added. "Still, Friday morning brings the June jobs report, and that will be the big event of the week. Keep your eyes open to continued political unrest in Egypt tomorrow, as there is always the chance that could spark some volatility worldwide."
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.
Oil continued to rally today, surging into triple digits as tensions escalated in the Middle East. Black gold was also boosted by the weekly report from the U.S. Energy Information Administration, which revealed a steeper-than-expected drop in crude supplies. At press time, August crude futures had gained $1.59, or 1.6%, to $101.19 per barrel.
The worsening situation in Egypt also benefited gold futures, which moved higher on low volume. August-dated gold was up $4.90, or 0.4%, to $1,248.30 an ounce at press time.