"The broad markets fared a little better today, as select consumer discretionary names performed quite well on the earnings front," said Schaeffer's Senior Equity Analyst Joe Bell of today's trading, which saw the Dow Jones Industrial Average (DJI) break back through the 14,000 level. "The positive momentum keeps on coming. After six straight positive weeks for the S&P 500 (SPX), many are expecting some consolidation or a pullback. Despite the skeptics, the market just keeps on grinding higher."
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The Dow Jones Industrial Average (DJI) powered through some disappointing results from Coca-Cola (NYSE:KO) and managed to more than overcome the losses incurred the previous day, gaining more than 47 points, or 0.3%, to close at 14,018.70, the first time since Feb. 1 that the Dow has closed above 14,000. The blue-chip index also reached a new multi-year high of 14,038.97 in afternoon trading. Bank of America (NYSE:BAC) led the 23 companies that advanced on the 30-member Dow with a 3.3% jump. KO had the biggest drop of the six decliners, falling 2.7% on its earnings results -- Wal-Mart (NYSE:WMT) was unchanged.
The S&P 500 Index (SPX) also gained, picking up more than 2 points, or nearly 0.2%, to close at 1,519.43 after hitting another new five-year peak of 1,522.29. Brought down by another decline in tech stocks, the Nasdaq Composite (COMP) fell nearly 6 points, or 0.2%, to finish at 3,186.49.
The CBOE Volatility Index (VIX) finished at 12.64, down 0.3 points, or 2.3%.
A Trader's Take:
"Apple (NASDAQ:AAPL) was one again in the news, as CEO Tim Cook made several comments on the company's future at a Goldman Sachs Conference," Bell noted. "The comments weren't viewed in a favorable light, as AAPL lost ground and dragged the Nasdaq (COMP) down with it."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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