"Stocks rose moderately today, as new money entered the market -- probably related to the beginning-of-the-month positive bias," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Europe saw selling pressure from disappointing employment and inflation data, while China's PMI came in better than expected. Here at home, the ISM's manufacturing index rose to its highest level since April 2011." As a result, the Dow Jones Industrial Average (DJI) closed firmly in the black, and finished higher for the week.
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The Dow Jones Industrial Average (DJI - 15,615.55) was parked in positive territory for most of the session, tagging an intraday high of 15,649.40 within the first hour of trading. By the close, the index was up 69.8 points, or 0.5%. For the week, the Dow added 0.3%. The Boeing Company (NYSE:BA) and JPMorgan Chase & Co. (NYSE:JPM) led the 25 advancing blue chips with gains of 1.9% each, while Chevron Corporation's (NYSE:CVX) earnings-induced decline of 1.6% paced the five laggards.
The S&P 500 Index (SPX - 1,761.64) spent time on both sides of breakeven, but finished the session with a gain of 5.1 points, or 0.3%. Meanwhile, the Nasdaq Composite (COMP - 3,922.04) advanced 2.3 points, or 0.1%. On a week-over-week basis, the SPX climbed 0.1%, and the COMP fell 0.5%.
Elsewhere, the CBOE Volatility Index (VIX - 13.28) stumbled at the opening bell, and then moved higher around midday. Nevertheless, the "fear barometer" ended up with a loss of 0.5 point, or 3.4%, by the close. For the week, the VIX tacked on 1.5%.
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