"There weren't a whole lot of headlines out this morning, but we saw the market once again show its strength, and the slow and steady uptrend continues to chug along," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The Nasdaq Composite (COMP) had a really strong showing today, as the biotechnology sector has been one of the definite standouts." Elsewhere, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) each tagged record intraday and closing highs.
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The Dow Jones Industrial Average (DJI - 16,064.77) faltered briefly out of the gate, but climbed higher throughout the day, and tagged an all-time intraday peak of 16,068.78 just ahead of the close. By the end, the Dow was up 54.8 points, or 0.3% -- notching a record closing high. On a weekly basis, the index added 0.6%. The Boeing Company (NYSE:BA) led the blue-chip barometer's 23 advancers with a gain of 2.3%, while a 5.4% decline for Intel Corporation (NASDAQ:INTC) paced the six laggards. The Coca-Cola Company (NYSE:KO) remained unchanged.
The S&P 500 Index (SPX - 1,804.76) followed a similar path today, reaching a record intraday peak of 1,804.84 right before the closing bell. The index ended up finishing 8.9 points, or 0.5%, higher -- marking an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 3,991.65) advanced 22.5 points, or 0.6%, on the day. For the week, the SPX and COMP tacked on 0.4% and 0.1%, respectively.
Aside from a brief morning blip higher, the CBOE Volatility Index (VIX - 12.26) spent most of the day in the red, and fell 0.4 point, or 3.2%, for the session. Week-over-week, the "fear gauge" climbed 0.6%.
A Trader's Take:
"The S&P 500 finished the week on a strong note, and kept its winning streak alive," continued Bell. "This week marks the seventh consecutive positive week for the broad market index, and is just another example of how strong this trend has been."
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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