"Overall, it was a slow day today, as everyone was gearing up for the gross domestic product (GDP) and the Fed tomorrow," summarized Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Still, Apple (NASDAQ:AAPL) continued to move higher, helping push the tech sector up along with it." For its part, the Dow Jones Industrial Average (DJI) ended the day little changed from where it began, after trading in a 115-point range.
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The Dow Jones Industrial Average (DJI - 15,520.59) explored a wide range today, but ultimately settled down just 1.4 points, or 0.01%. Leading the Dow's 14 advancers was Cisco Systems (NASDAQ:CSCO), which gained 1.3%. As Bank of America (NYSE:BAC) closed unchanged, Verizon Communications (NYSE:VZ) paced the 15 decliners with its drop of 2.1%.
The S&P 500 Index (SPX - 1,685.96) edged up a fraction, adding 0.6 point, or 0.04%, after spending a chunk of the afternoon south of breakeven. Turning to technology, which outperformed today, the Nasdaq Composite (COMP - 3,616.47) reached another 12-year peak -- its first since July 18 -- and closed the session up 17.3 points, or 0.5%.
The CBOE Market Volatility Index (VIX - 13.39) closed flat, but held north of its 10-day moving average.
A Trader's Take:
"All week, we've been waiting for Wednesday, and it is finally here -- it's go time," quipped Detrick. "Expect the potential for a lot of volatility the next three days. In other news, fertilizer stocks were crushed -- with some down more than 15% on the day -- as news broke that a major player was abandoning the potash cartel. This is a harsh reminder to not catch falling knives. These stocks had been underperforming for a long time now, so many bottom-pickers were burned pretty badly today."
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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