"Earnings will get the headlines, but in the end, the bull market continues to be in charge," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Overall, earnings have come in a little bit better than expected. They're not great by any means, but again, it is always easier to bet on lowered expectations, and that is what we're seeing. After a dip yesterday, it was nice to see the bulls come right back today." On that note, a few strong earnings reports -- along with some upbeat manufacturing data out of China -- resulted in a near-triple-digit gain for the Dow Jones Industrial Average (DJI).
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The Dow Jones Industrial Average (DJI - 15,509.21) spent the session in positive territory, and touched an intraday high of 15,528.63 around 3:00 p.m. ET. By the closing bell, the index was up 95.9 points, or 0.6%. The Home Depot, Inc. (NYSE:HD) led the 20 advancing blue chips with a gain of 2.3%, while AT&T Inc.'s (NYSE:T) 1.8% loss paced the 10 laggards.
The S&P 500 Index (SPX - 1,752.07) was also parked in the green for most of the day, and finished 5.7 points, or 0.3%, higher -- back above the key 1,750 level. Meanwhile, the Nasdaq Composite (COMP - 3,928.96) advanced 21.9 points, or 0.6%, on the day.
Elsewhere, the CBOE Volatility Index (VIX - 13.20) moved higher at the start of today's trading, only to shave off 0.2 point, or 1.6%, by the close -- finishing near its intraday low.
A Trader's Take:
"Small-caps once again took charge, leading markets higher today," Detrick continued. "Also, the action in homebuilding stocks is worth noting. With interest rates experiencing a surprise dip over the past two weeks, homebuilders are starting to grow again. That is the nice thing about this bull market -- one sector might start to dip, and another steps up. Money doesn't just disappear, it rotates. You could make the same argument that semiconductors are starting to lag, but now we have the housing sector picking up the slack."
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For a look at today's options movers and commodities activity, head to page 2.
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