"Today was all about the Fed, but after the announcement and a lot of intraday volatility, we really didn't experience much net movement," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The statement didn't really give us any surprises, and there wasn't a strong hawkish tone, so many people viewed that as positive." Meanwhile, the Dow Jones Industrial Average (DJI) claimed yet another new technical milestone, but ended up finishing the session slightly in the red.
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The Dow Jones Industrial Average (DJI - 15,499.54) rallied to a new record intraday peak of 15,634.32 during the morning hours of trading, but ended the day with a loss of 21.1 points, or 0.1%. UnitedHealth (NYSE:UNH) led the 12 advancing blue-chip components with a gain of 0.8%, while the 17 laggards were paced by American Express (NYSE:AXP) and Verizon Communications (NYSE:VZ), both of which posted a decline of 1.9%. United Technologies (NYSE:UTX) remained unchanged. For the month, the Dow logged an advance of 4%.
The S&P 500 Index (SPX - 1,685.73) came within a hair's breadth of its all-time intraday high this afternoon, but shed 0.2 point, or 0.01%, by the closing bell. On a more upbeat note, the Nasdaq Composite (COMP - 3,626.37) hit a 12-year high of 3,649.35 before finishing the session with a rise of 9.9 points, or 0.3%. The indexes closed the month of June with gains of 4.9% and 6.6%, respectively.
The CBOE Market Volatility Index (VIX - 13.45) also ended higher, despite sinking to an intraday low of 12.94. The "fear gauge" edged up 0.1 point, or 0.5%, for the day, but was down 20.2% for the month.
A Trader's Take:
"Disregarding the Fed announcement, we actually saw some pretty big economic reports this morning," commented Bell. "Gross domestic product (GDP) growth and the ADP jobs report were both stronger than expected, showing signs that perhaps the economy is on slightly better footing than most have given it credit for."
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