"We're in a bull market -- it's just that simple," quipped Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day that saw the Dow Jones Industrial Average (DJI) rebound from Wednesday's sell-off to post a triple-digit gain. "Just as quickly as the market fell off a cliff yesterday, prompting the world to worry about the 'Sell in May and go away' mantra, the bulls swooped in to defend their turf."
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Yesterday's losses were nearly forgotten today, as the Dow Jones Industrial Average (DJI) gained 131 points, or 0.9%, to close at 14,831.58, just shy of its intraday peak. Gains were across the board, as 27 of the Dow's 30 members moved higher. Cisco Systems (NASDAQ:CSCO) took top honors, gaining 1.7%, while Coca-Cola (NYSE:KO) and UnitedHealth Group (NYSE:UNH) dropped 0.6% and 0.4%, respectively, as the Dow's only two decliners. AT&T (NYSE:T) was unchanged on the day.
Though eluded by the 1,600 level, the S&P 500 Index (SPX) did manage to hit another new all-time high of 1,598.60. At the close, the SPX was at 1,597.59, up 14.9 points, or 0.9%. Tech stocks resumed their leadership role, with the Nasdaq Composite (COMP) adding 41.5 points, or 1.3%, to 3,340.62. Once again, the index tagged a fresh 12-year high on an intraday basis, rising to 3,344.90.
The CBOE Market Volatility Index (VIX) gave back much of Wednesday's gains, falling 6.2%, or 0.9 point, to settle at 13.59. The move brought the index back south of its 10-day moving average.
A Trader's Take:
""General Motors (NYSE:GM) and Facebook (NASDAQ:FB) both had solid earnings," Detrick said, "and the European Central Bank (ECB) didn't rock the boat too much with its interest-rate decision. All in all, though, it was just another new record-setting day for the SPX. Elsewhere," he continued, "housing continues to impress. Overall, earnings season has been disappointing on the revenue and guidance front, but housing is one area that has bucked that trend."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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