The Dow Jones Industrial Average (DJI) slightly grazed negative territory this morning, but maintained its bullish momentum throughout the afternoon to secure a second-straight up day.
"After experiencing a pretty sizeable pullback during the past couple of weeks, it was nice to see some of the broad-market indices hold ground, and bounce off support levels," remarked Schaeffer's Senior Equities Analyst Joe Bell. "Overall, we saw a lot of strength from healthcare stocks, basic materials, and financials. Financial stocks were also given a boost with Citigroup Inc.'s (NYSE:C) consensus-topping third-quarter earnings report."
Click through to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 13,424.23) was up more than 108 points at its intraday peak of 13,437.66, and held onto a large portion of this rally for the day, enjoying a 95.4-point, or 0.7%, upswing. All but five of the 30 blue chips were pointed higher today, with Bank of America Corp's (NYSE:BAC) 3.5% rise topping the list. On the other side of the spectrum, AT&T Inc. (NYSE:T) led the laggards with a 1.2% drop.
The S&P 500 Index (SPX – 1,440.13) and Nasdaq Composite (COMP – 3,064.18) battled out of the red this morning, and claimed victories by the time the closing bell sounded. The SPX gained 11.5 points, or 0.8%, while the COMP added 20.1 points, or 0.7%.
The CBOE Market Volatility Index (VIX – 15.27) slipped 0.9 point, or 5.4%, today, finding support at its 20-day trendline.
Today's highlight: "The market received some good news this morning, as September retail sales came in better-than-expected," pointed out Bell. "Telecom seems to be the one lone sector left out of the party. Investors have major concerns with the competitive environment for Verizon Communications Inc. (NYSE:VZ) and AT&T Inc. (NYSE:T), after Japan's Softbank announced a bid to acquire a majority stake in Sprint Nextel Corporation (NYSE:S)."
Turning to today's major market stories...
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Recent XIV Action May Bode Well for Bulls
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