The Dow Jones Industrial Average (DJI) and its fellow equities indexes carved out similar paths today, beginning below breakeven and battling their way to modest victories. "Well, besides the Dow ending up a fourth session in a row, I was encouraged by the fact that we didn't see a late-day sell-off," remarked Schaeffer's Senior Technical Strategist Ryan Detrick. "As Spain's economic issues remain in the headlines and Greek elections slated for next week, the Street was expecting some heavy selling this afternoon, with traders wanting to avoid holding onto anything over the weekend. But that didn't happen."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 12,554.20) sprang from its early-morning low of 12,398.44, and climbed all the way to its session high of 12,554.20 -- where it ultimately ended the day. By the time the dust settled, the blue-chip barometer gained 93.2 points, or 0.8%. All but four of the 30 components finished in the black, as Wal-Mart (WMT) paced the 26 winners with a 3.6% rise. McDonald's (MCD) led the losing issues with a 0.7% drop. The Dow notched a 3.6% rise over the past week.
The S&P 500 Index (SPX – 1,325.66) enjoyed an increase of 10.7 points, or 0.8%. Meanwhile, the Nasdaq Composite (COMP – 2,858.42) posted the largest growth of its peers, adding on 27.4 points, or roughly 1%. Both the SPX and COMP notched their best week of the year, jumping 3.7% and 4%, respectively.
The CBOE Market Volatility Index (VIX – 21.23) was off for a fifth straight day, pulling back by 2.3%. For the week, the VIX plummeted 20.4% -- its biggest decline in 2012.
Today's highlight: "To be blunt, this was a very slow summer Friday without much news," stated Detrick. "Volume was extremely light, but the fact that we closed near the highs was very encouraging as we head into expiration week."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
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