"After a strong bounce yesterday that saw many major market indexes reach new all-time highs, a number of sectors gave back some of these gains today," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The good news was that small-caps and technology led the way, which is a positive sign, as they are the growth sectors of the market and have led for much of the past couple of years." Following the latest round of earnings reports, the Dow Jones Industrial Average (DJI) finished in negative territory, after two consecutive days of triple-digit gains.
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The Dow Jones Industrial Average (DJI - 16,417.01) tumbled at the opening bell, and shed 64.9 points, or 0.4%, for the day. The Dow's 10 advancers were led by McDonald's Corporation's (NYSE:MCD) gain of 0.6%, while UnitedHealth Group Inc. (NYSE:UNH) paced the 19 decliners with an earnings-induced loss of 2.8%. Cisco Systems, Inc. (NASDAQ:CSCO) remained unchanged.
The S&P 500 Index (SPX - 1,845.89) also spent the day south of breakeven, and closed 2.5 points, or 0.1%, lower. Conversely, the Nasdaq Composite (COMP - 4,218.69) tagged yet another 13-year intraday high of 4,219.28, and added 3.8 points, or 0.1%, for the session.
Elsewhere, the CBOE Volatility Index (VIX - 12.53) gained ground right out of the gate, and finished 0.3 point, or 2%, higher.
A Trader's Take:
"If you were anywhere near a solar stock today, count yourself lucky," mused Bell. "That sector bucked the trend, and many of those stocks had a massive jump. Much of the rally has been attributed to China mulling incentives and positive analyst comments. Although this sector was incredibly strong in 2013, anyone willing to ride out this trend was very happy today."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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