Although the Dow Jones Industrial Average (DJI) didn't travel too far from where it began today, the blue-chip barometer pierced the 13,600 level for the second time in four days. "We once again received a heavy dose of sideways price action today," said Schaeffer's Senior Equities Analyst Joe Bell. "This morning, better-than-expected housing data helped many homebuilding stocks surge and regain footing after a couple days of underperformance."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 13,577.96) jumped to an intraday best of 13,626.48, but pared most of this lead by the closing bell. For the day, the Dow tacked on 13.3 points, or roughly 0.1%, to land at its loftiest price since December 2007. The Walt Disney Company's (NYSE:DIS) 1.5% gain paced the 18 winning issues, while Exxon Mobil Corporation (NYSE:XOM) led the 11 lagging blue chips with a near 1.2% drop. American Express Company (NYSE:AXP) remained unchanged.
Both the S&P 500 Index (SPX – 1,461.05) and Nasdaq Composite (COMP – 3,182.62) took a cue from the Dow, following the index into the black today. By the close, the SPX inched higher by 1.7 points, or 0.1%, while the COMP eked out a 4.8-point, or 0.2%, rise.
The CBOE Market Volatility Index (VIX – 13.87) stayed south today, trimming off 0.3 point, or 2.2%. This marked the VIX's lowest daily settlement since August 17.
Today's highlight: "Consumer discretionary stocks finally took a leadership role once again," pointed out Bell. "Earlier this week, the risk-off trade was dominating, as consumer staples and defensive stocks were receiving most of the funds flowing into the market. As the more risky, discretionary names take back the lead role, it's a good sign for the overall market."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
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