The bulls showed up in full force today, launching the Dow Jones Industrial Average (DJI) and the rest of Wall Street into late-week rally mode. "The focus was all on jobs," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "It seems like the dramatically improving weekly claims finally showed up in the monthly number. Then, throw in a strong Institute for Supply Management (ISM) number, and it turns out our economy isn't falling off a cliff like so many have been planning for."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 13,096.17) regained its perch atop 13,000 and finished at its loftiest price since May 3, posting a 217.3-point, or 1.7%, rise. At its session best of 13,133.18, the Dow was up more than 254 points. All but two components surged higher today, as Hewlett-Packard Company (NYSE:HPQ) and Kraft Foods Inc (NADSAQ:KFT) paced the winning issues with gains of 4.1% and 4%, respectively. Verizon Communications Inc. (NYSE:VZ) was the lone laggard, inching 0.4% lower. McDonald's Corporation (NYSE:MCD) remained at breakeven. Over the past week, the blue-chip barometer eked out a 0.2% increase, marking its fourth-straight weekly gain.
The S&P 500 Index (SPX – 1,390.99) pierced the 1,390 mark for the second time in a week today, and leapt to its highest perch since May 3. By the time the dust settled, the SPX tacked on 26 points, or 1.9%. Meanwhile, the Nasdaq Composite (COMP – 2,967.90) charged to a 58-point, or 2%, victory. The COMP found a foothold above the 2,960 level, and saw its best finish since July 5. For the week, the SPX added 0.4% and the COMP gained 0.3%
The CBOE Market Volatility Index (VIX – 15.64) ripped back nearly 11% today, and landed at its session nadir. The VIX gave up 6.3% on the week and closed at its lowest point since July 19.
Today's highlight: "Anytime you can break out to new monthly highs, you have to say that it was a nice day," grinned Detrick. "At the same time, so many bears have said the market only rallies on hope of 'QE3.' As if anything today decreased, the odds of a more drastic stimulus from the Fed would shortly follow. Well, today's action put that theory to rest, as buyers stepped up and bought equities."
Plus, check out Ryan's recent interview with Bloomberg TV, also featuring Sam Stovall, chief equity strategist at S&P Capital IQ, and Michael Gayed, investment strategist at Pension Partners.
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