"Other than a few select earnings reports this morning, there really weren't a lot of market-moving events. The market drifted sideways all week and things didn't change much today," noted Schaeffer's Senior Equities Analyst Joe Bell. "With the S&P 500 Index (SPX) hovering just below its May 2012 peak, a pullback wouldn't be a surprise here. That being said, we still think the overall negative sentiment surrounding this market makes any and all pullbacks nice buying opportunities." After a slow session, the Dow Jones Industrial Average (DJI) stayed in the green and notched its sixth daily close atop 13,000.
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 13,207.95) marked its fifth straight settlement atop 13,100, and ended with its best daily close since May 2. In the last hour of trading, the Dow tore through breakeven and notched a 42.8-point, or 0.3%, rise. Twenty-one of the 30 components leapt higher today, with Hewlett-Packard Company's (NYSE:HPQ) 1.5% climb leading the way. Meanwhile, American Express Company (NYSE:AXP) paced the nine losing issues with a 1.1% deficit. For the week, the blue chip barometer turned in a 0.9% ascent.
The S&P 500 Index (SPX – 1,405.87) enjoyed a sixth straight win and moved higher above the 1,400 level. The SPX added 3.1 points, or 0.2%, for the session -- securing its best daily close since April 3. Meanwhile, the Nasdaq Composite (COMP – 3,020.86) ended with a fractional gain, which pushed the index atop 3,020 for the first time since May 3. The SPX was up 1.1% for the week, while the COMP rallied 1.8%.
The CBOE Market Volatility Index (VIX – 14.74) declined 3.5% today and drifted to its worst price since March 30. The VIX dropped off 5.8% during the week.
Today's highlight: Bell didn't hesitate when asked about today's action. According to him, the best thing occurred at the closing bell. "I've been working on the trading desk at Schaeffer's for about six years and this goes in as one of the top five most boring weeks I've experienced."
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
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