"We had a pretty nice day today, as the momentum continues to resolve itself to the upside," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Every day is exactly the same story with Washington, as market participants continue to hope that some sort of resolution will arrive in time. Right now, many are very hopeful, after news surfaced that the House of Representatives and Senate are confident of a bill passing tonight." Against this backdrop, the Dow Jones Industrial Average (DJI) finished notably higher by the closing bell, recouping all of yesterday's losses.
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The Dow Jones Industrial Average (DJI - 15,373.83) spiked higher at the sound of the opening bell, tagging a session high of 15,374.15 around midday. By the close, the index was just off this intraday acme, up 205.8 points, or 1.4%. JPMorgan Chase (NYSE:JPM) led the Dow's 27 advancers, gaining 3.2%, while Cisco Systems (NASDAQ:CSCO) paced the three laggards with an analyst-induced decline of 0.8%.
Likewise, the S&P 500 Index (SPX - 1,721.54) surged right out of the gate, and ended the session with an advance of 23.5 points, or 1.4% -- just shy of its intraday peak, and back atop the 1,700 mark. Meanwhile, the Nasdaq Composite (COMP - 3,839.43) finished 45.4 points, or 1.2%, higher, and notched a new 13-year intraday high of 3,840.48.
Elsewhere, the CBOE Volatility Index (VIX - 14.71) tumbled at the start of the session, sinking to an intraday low of 14.67 during the final minutes of trading. The "fear gauge" ended up shedding 4 points, or 21.2%, on the day -- for lowest close since late September.
A Trader's Take:
"We finally got a little bit of clarity and some hope," Bell continued. "Barring an unforeseen event, it seems like a bill will pass that pushes the debt ceiling back a few months, and keeps the government funded for the time being."
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