"Earnings on the whole were solid, and the housing starts data was a very nice surprise," said Schaeffer's Senior Technical Strategist Ryan Detrick. "Sure, things aren't great on the economic front, we all know that. The fact that housing is actually leading us here is a nice sign that the second half of the year could see some much better-than-expected growth." After starting the day in the red, the Dow Jones Industrial Average (DJI) turned in a triple-digit return on the day.
Keep reading to see what else was on our radar today:
By the closing bell, the Dow Jones Industrial Average (DJI – 12,908.70) leapt 103.2 points, or 0.8%, landing just below its session peak of 12,921.94 -- tagged in the last minutes of trading. This marks the Dow's second daily close atop the 12,900 level since May 8. All but seven of the 30 blue chips ended with gains, as Intel Corporation's (NASDAQ:INTC) earnings-induced 3.3% rise lead the winning majority. Bank of America (NYSE:BAC) paced the six laggards with a 4.9% loss, while The Walt Disney Company (NYSE:DIS) remained unchanged.
The S&P 500 Index (SPX – 1,372.78) notched a positive return as well, tacking on 9.1 points, or 0.7%. Meanwhile, the tech-rich Nasdaq Composite (COMP – 2,942.60) turned in the best performance of its peers, surging 32.6 points, or 1.1%, by the time the dust settled.
The CBOE Market Volatility Index (VIX – 16.16) stayed lower for a second consecutive day, sliding 1.9%. Although the VIX ended atop its intraday low of 15.69, it notched its lowest daily settlement since April 3.
Today's highlight: "It was a very strange day. Even though the markets were higher, most of the previous leaders didn't do much," noted Detrick. "Take a look at housing. Great data comes out, market rallies, yet homebuilders sold off."
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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