"Markets in Europe were higher once again today, and the U.S. followed suit," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "Stocks were able to shake off a miss on today's consumer confidence data and continued their trend higher. The next three days should be very telling, as there will be a glut of economic data released. Today's price action could be a sign that the path of least resistance remains higher for stocks." Ahead of tomorrow's latest rate decision from the Federal Open Market Committee (FOMC), the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) reached new closing highs.
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The Dow Jones Industrial Average (DJI - 15,680.35) surged higher at the start of the session, and remained in positive territory throughout the day, tagging a session peak of 15,683.08 just ahead of the closing bell. The index finished up 111.4 points, or 0.7% -- securing an all-time closing high. International Business Machines Corp. (NYSE:IBM) led the Dow's 24 gainers with an advance of 2.7%, while Caterpillar Inc.'s (NYSE:CAT) loss of 0.3% paced the six decliners.
The S&P 500 Index (SPX - 1,771.95) also surged at the opening bell, touching a record intraday peak of 1,772.09 during the last few minutes of trading. By the end, the index added 9.8 points, or 0.6% -- also notching another all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 3,952.34) gained 12.2 points, or 0.3%.
Elsewhere, the CBOE Volatility Index (VIX - 13.41) spent time on both sides of breakeven before finishing with an advance of 0.1 point, or 0.8%, on the day.
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For a look at today's options movers and commodities activity, head to page 2.
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