"Another day has passed and the government shutdown continues," sighed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "We ended the week on a bit of a positive note, as most major sectors finished in the green after a few days of negative price action. Taking a step back, we still remain in a period of congestion with little net movement." For its part, the Dow Jones Industrial Average (DJI) rebounded back above the 15,000 millennium level and finished not far from its intraday high, while other major indexes followed suit. Weekly stats, however, reflect rising volatility and mixed returns for stocks.
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Aside from a brief trip below the breakeven line shortly after the open, the Dow Jones Industrial Average (DJI - 15,072.58) spent the day in the black, retaking control of the 15,000 mark and closing near its intraday high. By the bell, the blue-chip index had gained 76.1 points, or 0.5%. For the week, however, the Dow surrendered 1.2%. The index's 24 advancers were paced by Walt Disney (NYSE:DIS), which added 2%. At the back of the pack was Wal-Mart Stores (NYSE:WMT), which dropped 0.5%.
The S&P 500 Index (SPX - 1,690.50) also muscled higher on the day, settling with a gain of 11.8 points, or 0.7%, to pare its weekly loss to 0.1%. Also higher was the Nasdaq Composite (COMP - 3,807.75), which gained 33.4 points, or 0.9%, and added 0.7% for the week.
The CBOE Market Volatility Index (VIX - 16.74) slipped back south of the 17 threshold, losing 0.9 point, or 5.3%, on the day. Week-over-week, however, the market's fear gauge managed to gain 8.3%.
A Trader's Take:
"The Nasdaq has really outperformed this week and still trades near a 13-year high," noted Bell. "Small-cap stocks have also held up pretty well during the past week, which we view as a positive for the long-term health of the market."
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