"The positive momentum from last week's reaction to the Fed's tapering decision has carried over into this holiday-shortened week," remarked Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The official start to the well-known 'Santa Claus' rally isn't until tomorrow, but the early weakness in December has so far shown to be a nice buying opportunity once again." Meanwhile, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq Composite (COMP) extended their quests for record highs following this morning's encouraging economic reports.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,294.61) jumped at the sound of the opening bell, and reached a record intraday peak of 16,318.11 around midday. The blue-chip barometer went on to finish 73.5 points, or 0.5%, higher -- securing another all-time closing high. The Dow's 22 advancers were led by Cisco Systems, Inc.'s (NASDAQ:CSCO) gain of 2.1%, while The Procter & Gamble Company (NYSE:PG) paced the eight decliners with a loss of 0.7%.
The S&P 500 Index (SPX - 1,827.99) was also parked in the green for the duration of the session, cruising to an all-time intraday peak of 1,829.75 around 12:30 p.m. ET. By day's end, the index was up 9.7 points, or 0.5% -- notching a record closing high. Not to be outdone, the Nasdaq Composite (COMP - 4,148.90) tagged a 13-year intraday peak of 4,149.30, and added 44.2 points, or 1.1%, by the close.
Elsewhere, the CBOE Volatility Index (VIX - 13.04) extended last week's decline to finish the session 0.8 point, or 5.4%, lower.
A Trader's Take:
"The technology sector really stood out today, with Apple Inc. (NASDAQ:AAPL) showing a lot of strength after securing a multi-year distribution agreement with China Mobile Ltd. (ADR) (NYSE:CHL)," continued Bell. "This group has shown a lot of strength during the past several months, after lagging a bit over the first half of 2013."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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