"The strong holiday momentum continued after a brief break for Christmas," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There wasn't much economic data to report, but we are in the midst of what has become known as the 'Santa Claus' rally, and the price action so far seems to fall right in line with what we've historically experienced during this time frame." As a result, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (COMP) all experienced another record-setting session.
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The Dow Jones Industrial Average (DJI - 16,479.88) climbed higher throughout the session, tagging a record intraday peak of 16,483.00 shortly before the close. By the end, the Dow was up 122.3 points, or 0.8% -- reaching another all-time closing high (its 50th in 2013). The blue-chip index's 29 advancers were led by Exxon Mobil Corporation's (NYSE:XOM) 1.7% gain, while JPMorgan Chase & Co. (NYSE:JPM) -- the lone laggard -- fell 0.1%.
The S&P 500 Index (SPX - 1,842.02) reached its own all-time intraday peak of 1,842.84, and finished with a gain of 8.7 points, or 0.5% -- securing a record closing high. Meanwhile, the Nasdaq Composite (COMP - 4,167.18) touched a 13-year intraday high of 4,169.97, and added 11.8 points, or 0.3%, for the session.
Elsewhere, the CBOE Volatility Index (VIX - 12.33) sank to an intraday low of 11.69, and shaved off 0.2 point, or 1.2%, on the day -- its lowest close since Nov. 22.
A Trader's Take:
"The day after Christmas is always great," Bell continued. "Going back to 1950, December 26 has been positive more than any other day during the year. I guess everyone is in a good mood from the holiday and looking forward to the new year, because traditionally, it's just a bad day to be short the market, and today was no exception."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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