"Today's economic data was much better than yesterday's," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Both consumer confidence and leading indicators came in at five-year highs, which was all it took for the bulls to once again push stocks to new highs across the board." For its part, the Dow Jones Industrial Average (DJI) extended its trek into uncharted territory and closed with a solid triple-digit gain. "There are lots of concerns out there," Detrick continued, "but the reality is no one truly knows where this bull market will peak, and trying to pick a top is a foolish game."
Continue reading for more on today's market, including:
Although the Dow Jones Industrial Average (DJI), reversed Thursday's losses and then some, ending 121 points, or 0.8%, higher at 15,354.40. The index closed just shy of its intraday peak of 15,357.40, which was also a new all-time high. On a weekly basis, the Dow added 1.6%. JPMorgan Chase (NYSE:JPM) paced the advancing majority today, with a gain of 2.6%, and 22 other Dow stocks also made their way into the green. Seven stocks declined, with Pfizer (NYSE:PFE) bringing up the rear, down 1%.
It was also a record-setting day for the S&P 500 Index (SPX), which added 17 points, or just over 1%, to close at its new all-time high of 1,667.47. The Nasdaq Composite (COMP), meanwhile, hit a new 12-year high of 3,499.21 before settling at 3,498.97, up 33.7 points, or just shy of 1%. On a weekly basis, the SPX gained 2.1% and the COMP advanced 1.8%.
The CBOE Market Volatility Index (VIX) couldn't hold its perch above 13, as it shed 0.6 point today, or 4.7%, to settle at 12.45, back south of its 10-day moving average. This week, the VIX lost 1.1%.
A Trader's Take:
"The big thing in today's market actually happened under the surface, as the U.S. dollar broke out to new highs," Detrick said. "There was a time when the S&P 500 Index (SPX) and dollar trended inversely, but that has been reversed in a big way this year. In fact, you could argue this is a sign things are getting back to 'normal,' as historically speaking, a strong currency usually meant a strong economy and stock market. What can you say -- the bulls are in charge and the U.S. economy is looking better. Things aren't perfect, but they sure aren't as bad as all those Harvard economists were telling us during the Fiscal Cliff mess late last year."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
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