The Dow Jones Industrial Average (DJI) rode another triple-digit upswing today, which helped the index score its highest settlement since May 11. "Late yesterday, news broke that central banks and the European Central Bank (ECB) would be willing to provide liquidity to Greece, regardless of the outcome of the elections," said Schaeffer's Senior Equity Analyst Joe Bell. "That sent major indexes higher later yesterday, and we saw continued momentum help most sectors finish in the green today. The reassurance from the banks has made the outcome a little less of a concern for some market participants, and that's why we're seeing investors pile into the risk trade today."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 12,767.17) marched steadily higher today, racking up 115.3 points, or 0.9%, to settle just below it session peak of 12,774.70 -- which was tagged in the last minutes of trading. All but five of the 30 of the Dow's components turned in gains, as Bank of America (BAC) paced the winning issues with a 3.1% increase, while Home Depot (HD) slipped 0.6%. Over the past five sessions, the blue-chip barometer enjoyed a 1.7% boost.
The S&P 500 Index (SPX – 1,342.84) also stayed north today, rallying 13.7 points, or 1%. The Nasdaq Composite (COMP – 2,872.80) enjoyed the best return of its fellow benchmarks, closing with a 36.5-point, or 1.3%, jump. For the week, the SPX fought its way 1.3% higher, while the COMP eked out a slimmer 0.5% win.
The CBOE Market Volatility Index (VIX – 21.11) retreated for a second straight day, pulling back 2.6%, and but coming off its session low of 20.61. The market's fear gauge inched 0.6% lower for the week.
Today's highlight: "The much talked-about Greek election finally arrives this weekend," remarked Bell. "Surely, that will be all the talk when we return on Monday morning."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
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