"The big market news of the day was definitely the report that Larry Summers withdrew his name from the race to become the next Federal Reserve chairman," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "When you combine that with the agreement between Russia and the U.S. regarding Syria, we actually received a little more certainty over a couple of uncertain situations. The market reacted positively to this clarity, and once again, continued its strong momentum in September." Against this backdrop, the Dow Jones Industrial Average (DJI) kicked off the week with a triple-digit advance.
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The Dow Jones Industrial Average (DJI - 15,494.78) surged right out of the gate, touching a session high of 15,549.87 around midday. By the end, the index closed 118.7 points, or 0.8%, higher, marking its loftiest finish since Aug. 8. The blue-chip bellwether's 26 advancers were led by Boeing's (NYSE:BA) 3.9% gain, while Hewlett-Packard (NYSE:HPQ) paced the four laggards with a decline of 1.5%.
The S&P 500 Index (SPX - 1,697.60) followed a similar path, and climbed to an intraday peak of 1,704.95, which was just a few points shy of its annual high. For the day, the SPX gained 9.6 points, or 0.6%. Meanwhile, the Nasdaq Composite (COMP - 3,717.85) bucked the broader-market path higher by shedding 4.3 points, or 0.1%.
The CBOE Market Volatility Index (VIX - 14.38) experienced some choppy movement today, and sank to a session low of 13.87 shortly after noon. By the close, however, the "fear barometer" was up 0.2 point, or 1.6%.
A Trader's Take:
"A large amount of fear entered the market after the late-August pullback, but the SPX once again finds itself back up near the annual high of 1,709.67," Bell went on. "In the short term, this could act as a logical profit-taking area, but the momentum this month has been incredibly impressive. So many people were expecting a weak September, and it just goes to show that it can sometimes pay to think differently from the masses."
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