"Given some seemingly negative economic news," Schaeffer's Senior Equity Analyst Joe Bell noted, "the market showed great resilience. This is an indication," he added, "that perhaps not all money from the sidelines has moved into this market just yet." The Dow Jones Industrial Average (DJI) shook off yesterday's modest declines and powered forward today, once again touching its highest point in half a decade. The index is now staring down a new millennium level; 14,000 hasn't been conquered on an intraday basis since October 2007.
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The Dow Jones Industrial Average (DJI) brushed off yesterday's slow start and picked up where it left off last week, closing at 13,954.42 when the bell rang, up nearly 73 points, or 0.5%. Drug-maker Pfizer Inc. (NYSE:PFE) helped push the charts by beating the Street's estimates for sales and issuing a rosy outlook for the rest of 2013. Overall, there were 20 advancers against nine stragglers in the 30-member Dow, with General Electric Company (NYSE:GE) breaking even. PFE was the top performer, up 3.2%, while Hewlett-Packard (NYSE:HPQ) struggled with a 3.2% loss.
The S&P 500 Index (SPX) also bounced back after Monday's losses, closing up at 1,507.84, climbing nearly 8 points, or 0.5%, and hitting a new intraday high. And the SPX seems to have found new support above 1,500, closing there for the third straight session after testing this round-number level intraday. The Nasdaq Composite (COMP) had a late rally after spending most of the day in the red, but still finished down at 3,153.66, falling less than 1 point.
The CBOE Volatility Index stepped back from yesterday's big jump, falling 1.9% to close at 13.31. Still, it marked the second straight day of closing above 13, which hasn't happened in two weeks.
A Trader's Take:
"Earnings reactions once again took the headlines," Bell noted, "resulting in mixed price action for the overall broad market. The energy sector led the way," he observed, "and it has quietly been a bright spot in this year's surging market."
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