It was a solid day for the Dow Jones Industrial Average (DJI), which ended near a session high to finish north of 13,000 for the first time since Nov. 6. With a lack of domestic data to go on, Wall Street spent the holiday-shortened trading day applauding upbeat reports from China and Germany. Investors also appear to be optimistic about the holiday shopping season, with most tech stocks and retailers gaining notable ground on the biggest shopping day of the year.
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The Dow Jones Industrial Average (DJIA) blazed a steady path higher, adding nearly 173 points, or 1.4%, to conquer the round-number 13,000 level. In addition, the blue-chip barometer ended atop its 200-day moving average for the first time in more than two weeks. All 30 of the index's components settled north of breakeven, led by Hewlett-Packard's (NASDAQ:HPQ) 4.2% advance. For the week, the Dow soared 3.3%.
Similarly, the S&P 500 Index (SPX) settled near a session high, tacking on 18.1 points, or 1.3%, to end atop the 1,400 level for the first time since Nov. 6. Meanwhile, the Nasdaq Composite (COMP) gained 40.3 points, or 1.4%. For the week, the SPX and COMP gained 3.6% and 4%, respectively.
The CBOE Market Volatility Index (VIX) gave up just over 1%, but found an intraday foothold in the 15 area.
A Trader's Take
"Some better global economic data sparked the buying, specifically some good manufacturing data out of China," said Schaeffer's Senior Technical Strategist Ryan Detrick. "Nonetheless, volume was light and the market was higher. Pretty much what tends to happen on half-day holidays. Anytime you have some nice gains to cap off a solid week is great. "
So, what has him excited? "How downright negative some of the sentiment has gotten as we enter the historically positive December timeframe," he said. "Don't forget, a year ago right now all the talk was how Greece was going under and the global economy was on the verge of a recession. Those fears were totally overblown and I'm wondering if we are seeing something similar this year, only with fiscal cliff fears being blown out of proportion."
Economic and Earnings News
There were no notable domestic economic reports today. Overseas, however, traders digested encouraging data from both China and Germany.
There were no earnings reports of note.
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