From the word go, the Dow Jones Industrial Average (DJI) took off and never really looked back, reclaiming all of yesterday's pullback with a near triple-digit surge. "Wall Street was abuzz with optimism today on hopes that the Fed will approve some type of stimulus when they announce their decision about interest rates tomorrow," observed Schaeffer's Senior Technical Strategist Ryan Detrick. "This morning's housing data further confirmed a slowing U.S. economy, and so expectations are very high for a fresh round of stimulus to be introduced."
Keep reading to see what else was on our radar today:
In afternoon trading, the Dow Jones Industrial Average (DJI – 12,837.33) rocketed some 157 points to a session peak of 12,898.94. But by the time the dust settled, the Dow pared some of its gains to close 95.5 points, or 0.8%, higher. All but seven of the 30 blue chips enjoyed upswings, as Bank of America (BAC) led the outperforming issues with a 4.5% jump. Hewlett-Packard's (HPQ) 1.1% deficit paced the losing components.
The S&P 500 Index (SPX – 1,357.98) notched a fourth consecutive win today, adding 13.2 points, or roughly 1%. Meanwhile, the Nasdaq Composite (COMP – 2,929.76) once again posted the best performance of its peers, rising 34.4 points, or 1.2%.
The CBOE Market Volatility Index (VIX – 18.38) found its way to a fractional win today, adding 0.3%, and landing just below its session peak of 18.62. However, today marked the VIX's second straight close below 20.
Today's highlight: "Oracle (ORCL) reported solid earnings and this put a bid under tech," said Detrick. "Small-cap stocks also had a great day. I love to see small-cap leadership for signs that a rally is healthy. At the same time, we're finally ready to hear what the Fed has to say." Ryan added, "Get your popcorn ready because tomorrow should be a fun ride."
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
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.