"Well, the dreaded government shutdown finally came, and the market seemed like it barely shrugged," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After a lot of early panic selling yesterday, many buyers have come to the table and bid this market up a bit. Although a resolution to this issue would benefit all parties, the market seems to be remaining patient for a solution to come forward soon." Meanwhile, the Dow Jones Industrial Average (DJI) spent most of the session in positive territory, and managed to finish north of breakeven.
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For the most part, the Dow Jones Industrial Average (DJI - 15,191.70) trended higher today, touching a session high of 15,208.40 shortly after noon. By the closing bell, the Dow was up 62 points, or 0.4%. The blue-chip barometer's 21 gainers were led by Merck's (NYSE:MRK) 2.4% advance, while Wal-Mart (NYSE:WMT) paced the nine decliners with a loss of 0.5%.
The S&P 500 Index (SPX - 1,695.00) was parked in the green for the entire session, cruising to a session peak of 1,696.55 around midday. By the end, the index was 13.5 points, or 0.8%, higher. Meanwhile, the Nasdaq Composite (COMP - 3,817.98) gained 46.5 points, or 1.2%, and tagged a new 13-year high in intraday trading.
Conversely, the CBOE Market Volatility Index (VIX - 15.54) fell right out of the gate, and remained in negative territory for the rest of the day. At the close, the "fear gauge" was 1.1 points, or 6.4%, lower.
A Trader's Take:
"The rally has really been broad-based," noted Bell. "As the fourth quarter begins, almost every major sector showed strength today."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
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