After spending time on both sides of breakeven, the Dow Jones Industrial Average (DJI) notched its second straight daily gain, but suffered a considerable loss on the week. "Today's market action saw early selling but late-afternoon buying sent the indices into positive territory," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "The advance third-quarter gross domestic product (GDP) growth number came in at plus 2.0%, versus expectations of a 1.9% rise. Elsewhere, shares of Apple (NASDAQ:AAPL) finished slightly negative, but that didn't seem to affect the technology sector too much, as it was able to close in the black."
Click through to see what else was on our radar today:
Chart of the Day: Seven reasons why Tony thinks Lions Gate Entertainment (NYSE:LGF) looks ready to power higher.
And now, a look at the numbers...
At its intraday high of 13,151.72, the Dow Jones Industrial Average (DJI – 13,107.21) was up more than 48 points, but struggled to maintain a lead throughout the session. By the close, the Dow eked out a slim victory of 3.5 points -- posting its second day in a row above the 13,100 level. Thirteen of the 30 blue chips ended with wins, as Intel Corporation (NASDAQ:INTC) topped the list with a 1.2% gain. On the contrary, the 17 laggards were paced by Bank of America Corp's (NYSE:BAC) 1.3% loss. On a weekly basis, the Dow retreated 1.8%
The S&P 500 Index (SPX – 1,411.94) and Nasdaq Composite (COMP – 2,987.95) parked on opposite sides of breakeven today, ending very close to where they started. The SPX stayed just atop its 80-day moving average, but gave back 1 point, or less than 0.1%. Meanwhile, COMP bounced from its 200-day trendline, inching higher by 1.8 points, or less than 0.1%. For the week, the SPX sawed off 1.5%, while the COMP fell 0.6%.
The CBOE Market Volatility Index (VIX – 17.81) lost 0.3 point, or 1.7%, and gave up its short-lived perch atop the 18 level, though its 200-day moving average continued to offer support. As the equities markets turned lower for the week, the VIX jumped 4.4%.
Noteworthy stats at the close:
More of today's big stories:
And, in case you missed it ... Option Idea of the Week: Skyworks Solutions Inc (NASDAQ:SWKS).
For today's activity in commodities, options, and more, head to page 2.
The Case for Big Moves in IWM and QQQ
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