"The market's strong momentum continued," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT, of a day where the Dow Jones Industrial Average (DJI) toppled a millennium level and notched another new all-time high. "Bulls were inspired by some better-than-expected economic data out of Germany, as well as a few nice earnings reports."
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The Dow Jones Industrial Average (DJI) continued its unprecedented trend of positive Tuesdays, finishing higher for the 17th consecutive time. What's more, the Dow enjoyed its first-ever close north of 15,000 and tagged a new all-time high of 15,056.67 intraday. By the close, the index was just shy of this new peak, at 15,056.20, up 87.3 points, or 0.6%. Twenty-three of the Dow's 30 members moved higher on the day, with Caterpillar (NYSE:CAT) leading the advancing majority with a gain of 2.5%. Cisco Systems (NASDAQ:CSCO) dropped 2.1% to bring up the rear, while Wal-Mart Stores (NYSE:WMT) was unchanged.
The S&P 500 Index (SPX) tagged another new high of its own, reaching up to 1,626.03 before ending the session at 1,625.96. The index gained 8.5 points, or 0.5%, on the day. Elsewhere, the Nasdaq Composite (COMP) notched a new 12-year high of 3,402.24 intraday but was unable to hold atop the 3,400 level at the closing bell. The tech-rich index edged up 3.7 points, or 0.1%, to end the day at 3,396.63.
The CBOE Market Volatility Index (VIX) managed to break its three-day losing streak, edging up 0.2 point, or 1.3%, to 12.83. In intraday action, the VIX neared the 13 level, reaching as high as 12.96.
A Trader's Take:
"The strength from small-caps and consumer discretionary names continued today," noted Bell. "While defensive sectors have led for much of the year, we've started to see the more higher-risk sectors take leadership in recent weeks."
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5 Stocks We Were Watching Today:
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