"The Tuesday streak continues," summarized Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day where the Dow Jones Industrial Average (DJI) broke out of an early funk to close solidly higher. "The Dow is now up an incredible 19 straight Tuesdays. In fact, the Dow has gained more than 1,400 points this year during Tuesday sessions alone. In the whole scheme of things it might not mean much, but the reality is we are in the midst of some amazing records."
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The Dow Jones Industrial Average (DJI) turned into negative territory this morning, putting its streak of 18 winning Tuesdays in jeopardy, but the blue-chip index turned higher in late-morning trading, notching a 19th consecutive Tuesday win, up 52.3 points, or 0.3%, at 15,387.58. In other record news, the Dow hit yet another new all-time high of 15,434.50 during the session. Eighteen of the 30 Dow components moved higher today, led by Merck (NYSE:MRK), which rallied 4.7%. Alcoa (NYSE:AA) was unchanged today, and Travelers Companies (NYSE:TRV) brought up the rear, losing 2.2%.
Also scoring another record-setting intraday high was the S&P 500 Index (SPX), which rallied to 1,674.93 this afternoon before settling up 2.9 points, or 0.2%, at 1,669.16. The Nasdaq Composite (COMP) enjoyed modest gains as well, gaining 5.7 points, or 0.2%, to close at 3,502.12, after hitting a 12-year peak of 3,512.15 in afternoon trading.
The CBOE Market Volatility Index (VIX) managed to rally as well, despite the gain in equities. The VIX appreciated by 0.4 point, or 2.7%, settling at 13.37, just shy of its 20-day moving average.
A Trader's Take:
"It was a light news day, as everyone was gearing up for [Federal Reserve Chairman Ben] Bernanke's speech to Congress tomorrow. Still, Home Depot (NYSE:HD) had some great earnings, sparking strength in the retail group. One area to watch is the Russell 2000 (RUT), which is right up against the psychological 1,000 area. Small-caps have done great recently, but this is one area to pay very close attention to."
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.
Mid-Caps Nearing a Triple of March 2009 Lows
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