"All in all, it was a light news day. Alcoa (NYSE:AA) kicked off earnings season, but didn't react much, as the stock closed flat," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. Still, the Dow Jones Industrial Average (DJI) notched another new record high in afternoon trading, while the S&P 500 Index (SPX) hit its highest point in more than five years. "Late-day buying is a pattern we've been seeing recently," Detrick said, "and that's a really good sign."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average hasn't had a three-day losing streak yet this year, and it wasn't going to start today. The blue-chip index muscled 60 points, or 0.4%, higher to close at 14,673.46 and hit a new all-time high of 14,716.46 in mid-afternoon action. Two-thirds of the Dow's 30 components, gained today, with Microsoft (NASDAQ:MSFT) leading the pack, up 3.6%. AA was unchanged on the day, while Procter & Gamble (NYSE:PG) paced the nine decliners, shedding 0.7%.
The S&P 500 Index (SPX) came within 3 points of its all-time intraday high of 1,576.09 and notched a new five-year high of 1,573.89 in the process. At the close, the SPX was up 5.5 points, or 0.4%, at 1,568.61. The Nasdaq Composite (COMP) kept pace with its index peers, adding 16 points, or 0.5%, to settle at 3,237.86.
The CBOE Market Volatility Index (VIX) started off in the black but saw any gains unravel during the afternoon. By the close, the VIX was off 0.4 point, or 2.7%, at 12.84.
A Trader's Take:
"What can you say," asked Detrick, "the market once again rallied and is sitting near all-time highs. One continued concern is that small-caps didn't participate in this move higher. Still, today marked the 13th-straight positive Tuesday for the Dow -- an all-time record. Also," he continued, "First Solar (NASDAQ:FSLR) issued some very positive comments regarding earnings, sparking a huge rally in solar names. Some of this optimism translated to the overall market, as we again found some solid buying during the afternoon."
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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