"After one of the worst days in months, the market snapped back today," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "The issues over Syria are still out there, but without any new developments, the bulls took charge. Of course, volume is still incredibly light and it is tough to put much stock in the move." Still, the Dow Jones Industrial Average (DJI) muscled steadily higher throughout the session, and closed with respectable gains.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 14,824.51) traded north of breakeven for nearly all of the lightly traded session, paring a modest portion of yesterday's 170-point loss. Though the blue-chip index peaked at 14,867.40 in the final hour of trading, some eleventh-hour selling left the Dow up just 48.4 points, or 0.3%. Hewlett-Packard (NYSE:HPQ) led the index's 20 advancers with a gain of 2.8%, while Procter & Gamble (NYSE:PG) brought up the rear, dropping 1.4%.
The S&P 500 Index (SPX - 1,634.96) behaved in similar fashion, gaining ground throughout the session until just before the close. By the time the dust settled, the index was up 4.5 points, or 0.3%. Elsewhere, the Nasdaq Composite (COMP - 3,593.35) trekked 14.8 points higher, gaining 0.4%.
The CBOE Market Volatility Index (VIX - 16.49) slid modestly lower on the heels of its highest close since late July. The market's "fear barometer" gave back 0.3 point, or 1.7%, on the day.
A Trader's Take:
"The best part about today," mused Detrick, "was that we're a day closer to September, when trading desks will be fully staffed. In the end, the Russell 2000 Index (RUT) bounced off the psychologically significant 1,000 level, which I continue to think is huge. It was resistance until an early July breakout, and now it should serve as strong support. So far, so good."
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For a look at today's options movers and commodities activity, head to page 2.
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