"The market got off to a very strong start at the open, but most major sectors finished well off their intraday highs," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Many participants thanked the lack of military action against Syria over the holiday weekend for the bounce, but that situation continues to linger over the market." Nevertheless, the Dow Jones Industrial Average (DJI) managed to finish the session north of breakeven.
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The Dow Jones Industrial Average (DJI - 14,833.96) soared to an intraday high of 14,777.48 almost right out of the gate this morning, but pared its gains throughout the session to close just 23.7 points, or 0.2%, higher, after spending much of the afternoon below breakeven. The blue-chip index's 16 advancers were led by United Technologies' (NYSE:UTX) climb of 2.6%, while the 14 decliners were paced by Microsoft's (NASDAQ:MSFT) 4.6% loss.
The S&P 500 Index (SPX - 1,639.77) charted a similar path as the Dow, and gained 6.8 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 3,612.61) advanced 22.7 points, or 0.6%.
Conversely, the CBOE Market Volatility Index (VIX - 16.61) dropped to an intraday low of 16.11 this morning, but narrowed its losses to 0.4 point, or 2.4%, by the closing bell.
A Trader's Take:
"There were two big deals this morning, as Microsoft (NASDAQ:MSFT) and Verizon Communications (NYSE:VZ) both had major acquisitions," Bell pointed out. "Unfortunately for the Dow, these two blue-chip components reacted negatively, which directly caused the big-cap index to lag the market."
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