Market Recap

Dow Gains 95 on Boost from Retail Data, Financial Sector

Markets turned noticeably higher for the day, reclaiming some of last week's deficit

by 10/15/2012 4:35:23 PM
Stocks quoted in this article:

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:

And now, a look at the numbers...



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...

For today's activity in commodities, options, and more, head to page 2.

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