"We continue to battle our way through the headlines from Washington, and yesterday's momentum was able to continue after a bit of a flat start," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "News hit today that the Republicans put a new offer on the table to avoid the Treasury default, so it seems like the nation's lawmakers may finally be making some headway in their discussions." By the close, the Dow Jones Industrial Average (DJI) had posted another triple-digit gain to finish the week in the black.
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After a sluggish start, the Dow Jones Industrial Average (DJI - 15,237.11) added to its gains from Thursday, rising 111 points, or 0.7%, by the close to settle just shy of its intraday peak. On a week-over-week basis, the blue-chip index rose 1.1%. Two dozen Dow names closed in the black, with Johnson & Johnson's (NYSE:JNJ) 1.9% gain pacing the winners. Boeing (NYSE:BA) fared the worst of the six decliners, shedding 0.8%.
The S&P 500 Index (SPX - 1,703.20) climbed 10.6 points, or 0.6%, to finish back above the 1,700 level for the first time since Sept. 23. The Nasdaq Composite (COMP - 3,791.87) followed suit, adding 31.1 points, or 0.8%, to retake control of its 20-day moving average after three days spent below this trendline. For the week, the SPX added 0.8%, while the COMP surrendered 0.4%.
The CBOE Volatility Index (VIX - 15.72) continued to retreat, closing south of the 16 mark for the first time since Oct. 1, ending 0.8 point, or 4.6%, lower on the day. The market's fear gauge went on a wild weekly ride, spanning an intra-week high and low of 21.34 and 15.46, respectively. By the time the dust settled, the VIX logged a weekly loss of 6.1%.
A Trader's Take:
"Earnings season started to heat up today, with JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) releasing their results," continued Bell. "The news wasn't great, and both names finished narrowly in the red. Elsewhere, until we get clear and complete news from D.C. that agreements have been reached, it remains speculation. For now, though, the markets like what they see here, and the panic selling seems to have come to an end."
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