"Intel Corporation (NASDAQ:INTC) had a disappointing earnings reaction, and tech was the big laggard today," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Nonetheless, it was basically another boring week, and that isn't bad." (The Dow Jones Industrial Average (DJI) finished virtually flat for the week.) "Markets can correct two ways, in price and in time. Well, we've been consolidating sideways so far in 2014, so we're correcting in time, and there is nothing wrong with that. After the huge rally we saw the final four months of last year, some sideways action is normal and very healthy."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,458.56) spent time on both sides of breakeven, but ultimately closed 41.6 points, or 0.3%, higher, adding 0.1% for the week. The Dow's nine advancers were led by Visa Inc (NYSE:V), which added 4.7%, while Intel Corporation (NASDAQ:INTC) brought up the rear, losing 2.6%.
The S&P 500 Index (SPX - 1,838.70) was in the red for nearly all of the session, and closed down 7.2 points, or 0.4%. Elsewhere, the Nasdaq Composite (COMP - 4,197.58) lagged its peers, surrendering 21.1 points, or 0.5%. On a weekly basis, the SPX dropped 0.2%, while the COMP added 0.5%.
Elsewhere, the CBOE Volatility Index (VIX - 12.44) slipped lower by the close, settling with a modest loss of 0.1 point, or 0.7%. This week, the market's "fear barometer" added 2.5%.
A Trader's Take:
"American Express Company (NYSE:AXP) reported very strong earnings and moved to a new high in response," continued Detrick. "Also, housing starts were stronger than expected, building on some of the better-than-expected economic data we've seen the past month. All in all, earnings season really kicks into overdrive next week, so be on your toes as there could be a lot of movement in individual stocks. Everyone, enjoy the three-day weekend, and we'll see you on Tuesday."
5 Items on Our Radar 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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