"The S&P 500 Index (SPX) once again continued its battle with 1,500 and actually ended up slightly above it," summarized Schaeffer's Senior Equity Analyst Joe Bell. "After being rejected near the area during yesterday's trading, the fact that the index finished just above this big round-number level was a nice way to end the week," he noted. In other index news, the Dow Jones Industrial Average (DJI) ended in the green for the sixth straight session and remains on pace for its best January since 1994.
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The Dow Jones Industrial Average (DJI) turned in a sixth consecutive winning performance, adding 71 points, or 0.5%. For the week, the blue-chip index settled with a 1.8% gain. Of the 30 Dow components, 23 closed in positive territory, led by Procter & Gamble (NYSE:PG), which added 4% after issuing strong earnings results. Caterpillar (NYSE:CAT) and Wal-Mart (NYSE:WMT) brought up the rear, with losses of 1.1% each.
The S&P 500 Index (SPX) muscled above round-number resistance at the 1,500 level, ultimately closing up 8 points, or 0.5%. The Nasdaq Composite (COMP) bounced back from yesterday's declines, moving 19 points, or 0.6%, higher. For the week, the SPX gained 1.1% while the COMP advanced 0.5%.
The CBOE Market Volatility Index (VIX) trekked higher on the day but was contained south of the 13 level, closing with a gain of 0.2 point, or 1.6%. On a weekly basis, the VIX moved 3.5% higher.
A Trader's Take:
"The day got off to a pretty nice start after being greeted by strong price action in Europe," said Bell. "Earnings once again took the spotlight on the domestic front and, overall, were pretty good. We again saw consumer discretionary stocks help lead, while technology names were among the laggards," he added.
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
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Recent XIV Action May Bode Well for Bulls
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