"Today's action wasn't spurred by any particular drivers," observed Schaeffer's Senior Trading Analyst Bryan Sapp. "Volumes were light, and trading was very muted, which was largely a result of tomorrow's big Federal Open Market Committee (FOMC) meeting and policy update. What Fed Chairman Ben Bernanke says will likely cause a big move in stocks, and it's very probable that everyone is holding tight for the time being." Meanwhile, the Dow Jones Industrial Average (DJI) finished another session in positive territory, and came within striking distance of its all-time high.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,529.73) spent the entire session in the green, and touched an intraday peak of 15,555.07 around 1:00 p.m. ET, which was about 103.4 points away from its all-time high. By the close, the blue-chip barometer pared some of its earlier gains to finish 35 points, or 0.2%, higher. Alcoa (NYSE:AA) led the Dow's 19 advancers with a gain of 2%, while UnitedHealth (NYSE:UNH) paced the 11 decliners with a loss of 1.1%.
The S&P 500 Index (SPX - 1,704.76) powered north at the start of the session, as well, and traded sideways for much of the afternoon. By day's end, the SPX added 7.2 points, or 0.4%, to overcome the 1,700 mark. Meanwhile, the Nasdaq Composite (COMP - 3,745.70) advanced 27.9 points, or 0.8%.
The CBOE Market Volatility Index (VIX - 14.53) spent a brief period of time in negative territory this morning, but ended up closing 0.2 point, or 1%, higher.
A Trader's Take:
"The best thing about today's market was that, despite small moves in the indexes, many momentum names continued to offer a great deal of opportunity for short-term traders," Sapp continued. "A few big names that were on the move today were Facebook (NASDAQ:FB), 3D Systems (NYSE:DDD), Apple (NASDAQ:AAPL), Pandora Media (NYSE:P), Angie's List (NASDAQ:ANGI), Sears (NASDAQ:SHLD), and Caesars Entertainment (NASDAQ:CZR). Since correlations remain very low, there are still ample opportunities on individual names, even when the market isn't doing much."
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For a look at today's options movers and commodities activity, head to page 2.
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