The Dow Jones Industrial Average (DJI) proved resilient today, bouncing back from an initial retreat to settle modestly higher. "The Institute for Supply Management's (ISM) services index for October came in slightly under expectations, but that didn't affect the market all that much, with stocks shaking off early losses to finish north of breakeven," said Schaeffer's Senior Equity Analyst Joe Bell. "Technology and basic materials stocks were among the top-performing sectors, and we also had a few earnings reports here and there. Mostly, though, participants are simply looking ahead to the big election tomorrow."
Stocks started off on the wrong foot today, but the bulls won the coin toss in the final hour of trading. By the close, the Dow had added 19.3 points, or 0.2%, to end just a hair's breadth south of its 10-day moving average.
The S&P 500 Index (SPX) also battled back in afternoon action, tacking on 3 points, or 0.2%, while the Nasdaq Composite (COMP) advanced 17 points, or 0.6%, before halting just shy of the 3,000 mark.
The CBOE Market Volatility Index (VIX) extended Friday's advance, gaining 4% to finish north of its 200-day moving average.
Today's highlight: "The wait is practically over and the highly anticipated election is here," said Bell. "By tomorrow night, we should know who our next President will be. Political signs can be removed from yards, and campaign commercials can stop. That will make me a very happy man."
More of today's big stories:
And, in case you missed it ... Our own Bernie Schaeffer weighs in on the love affair with Treasury bonds.
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