"Strong European returns sparked by a big improvement in the German investor confidence index got things started off in the right direction early," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, on today's market, which saw the Dow Jones Industrial Average close above 14,000 for the first time since early last week and hit a new five-year high in the process. "It was a relatively quiet day on the news front though ... but that couldn't stop the new highs across the board, specifically new all-time highs in small and mid-cap stocks."
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Buoyed by encouraging news out of Europe and potential news of another big merger, the Dow Jones Industrial Average got off to a rip-roaring start and never quit -- finishing up nearly 54 points, or 0.4%, to close at 14,035.67. The day saw the Dow touch a new five-year high and close above 14,000 for the first time since Feb. 12. Cisco Systems (NASDAQ:CSCO) led the 22 advancers on the 30-member Dow, jumping 2.2%. Alcoa (NYSE:AA) had the biggest drop of the eight decliners, losing 2.8%.
The S&P 500 Index also had a strong day, gaining 11 points, or 0.7%, to close at its intraday high of 1,530.94, also a five-year peak. The Nasdaq Composite finished at 3,213.59, up nearly 22 points, or 0.7%.
The CBOE Volatility Index (VIX) finished at 12.31, down about 0.2 point, or 1.2%.
A Trader's Take:
"Last week we saw Warren Buffett buy H.J. Heinz Company (NYSE:HNZ), and this week we were greeted by a potential merger of Office Depot (NYSE:ODP) and OfficeMax (NYSE:OMX)," Detrick said. "This is yet another sign that merger and acquisition activity is alive and well and that the market continues to think there are tremendous values out there -- even though we are at multi-year highs."
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