"Today was what we call a coffee day -- nothing happened, and you'd have been better off just drinking coffee," quipped Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, as the Dow Jones Industrial Average (DJI) climbed slightly, setting another intraday trading record despite light volume. "In the end, traders didn't want to make any big bets ahead of tomorrow's (U.S. Department of Labor) unemployment report tomorrow. We all know the stock market is doing great, but we need to see some signs of economic growth as well. That's why this jobs report is probably more important than the last few."
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The Dow Jones Industrial Average (DJI) continued its climb up the charts, setting another all-time intraday high of 14,354.69 on a rally that began after an optimistic jobless claims report. The Dow finished at 14,329.49, gaining 33 points, or 0.2%. The 30-member Dow saw 20 companies advance, led by Bank of America (NYSE:BAC), which climbed 2.9%. The 10 decliners were led by Exxon Mobil (NYSE:XOM), which fell nearly 1.0%.
The S&P 500 Index (SPX) climbed nearly 3 points, or 0.2%, to close at 1,544.26. The SPX also set another intraday annual high. The Nasdaq Composite (COMP) also advanced, gaining nearly 10 points, or 0.3%, to finish at 3,232.09.
The CBOE Market Volatility Index (VIX) fell 0.5 point, or 3.5%, to close at 13.06.
A Trader's Take:
"The Nasdaq made a new 12-year high," Detrick noted. "Sure, the gains were muted and volume was a little light, but it's tough to complain about that. The market bottomed four years ago yesterday. Who in their right mind would have expected new multi-year highs four years ago today? Not many -- and if they say they did, they are lying."
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