"The budget deal out of Washington was officially passed in the House of Representatives, and will now head over to the Senate," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "For all the attention this received a couple of months ago, it has kind of flown under the radar, and isn't affecting the market too much. Most major indices climbed off their lows throughout the day, but the rally was relatively minimal." Meanwhile, as investors eye next week's Federal Open Market Committee (FOMC) meeting, the Dow Jones Industrial Average (DJI) snapped its daily losing streak, but finished the week in negative territory.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,755.36) experienced some choppy price action today, but finished the day 15.9 points, or 0.1%, higher. For the week, however, the blue-chip bellwether fell 1.7%. The Dow's 14 advancers were led by Visa Inc's (NYSE:V) 1.9% gain, while a 1.4% decline for Microsoft Corporation (NASDAQ:MSFT) paced the 15 laggards. Pfizer Inc. (NYSE:PFE) remained unchanged.
The S&P 500 Index (SPX - 1,775.32) followed a similar path as the Dow for much of the day, but edged 0.2 point, or 0.01%, lower by the close. Meanwhile, the Nasdaq Composite (COMP - 4,000.98) advanced 2.6 points, or 0.1%, for the session. Week-over-week, the indexes shed 1.6% and 1.5%, respectively.
Elsewhere, the CBOE Volatility Index (VIX - 15.76) sank to an intraday low of 15.06 right out of the gate this morning, but muscled its way higher during the afternoon to close 0.2 point, or 1.4%, higher. On a weekly basis, the "fear gauge" climbed 14.3%.
A Trader's Take:
"Once again, small-caps took a leadership role today, after performing poorly in the early part of this month," Bell continued. "It was nice to see this group show some strength, and it might be a good sign as we now turn to the second half of December, which has historically been a very strong time for the market."
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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