"Economic data was light today, as Syria continues to hover in the background," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There are some rumors that Congress has delayed making a decision on the issue at this point, so many market participants remain unsure of how exactly this will play out. Overall, it was nice to see the market show some resilience at the start of September, amid all of the uncertainty over Syria and the Fed." Against this backdrop, the Dow Jones Industrial Average (DJI) finished the day with a near-triple-digit gain.
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The Dow Jones Industrial Average (DJI - 14,930.87) spent the majority of the session in the green, touching an intraday high of 14,956.74 during the early afternoon hours. By the close, the blue-chip bellwether was 96.9 points, or 0.7%, higher. Intel (NASDAQ:INTC) led the Dow's 26 advancers with a gain of 2.6%, while Microsoft (NASDAQ:MSFT) paced the four decliners with a loss of 2.2%.
The S&P 500 Index (SPX - 1,653.08) also remained in positive territory throughout most of the day, advancing 13.3 points, or 0.8%, by the closing bell. Meanwhile, the Nasdaq Composite (COMP - 3,649.04) climbed 36.4 points, or 1%.
After a brief blip higher this morning, the CBOE Market Volatility Index (VIX - 15.88) was parked in the red for the rest of the session, losing 0.7 point, or 4.4%, on the day.
A Trader's Take:
"Stocks began the session near breakeven, but fought hard throughout the day, and most major sectors finished with pretty nice gains," Bell said. "Nasdaq and tech components led the way, as Apple (NASDAQ:AAPL) rallied on speculation that the company is set to announce some new products next week."
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For a look at today's options movers and commodities activity, head to page 2.
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