"The markets got off to a rough start, but managed to climb their way out of the trenches and finish in the green," observed Schaeffer's Senior Equity Analyst Joe Bell. The Dow Jones Industrial Average (DJI) dipped below 14,000 early on before the bulls retook control, helping the market cruise to modest gains for the day and the week.
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Although a new record high wasn't in the cards, it was a victorious day for the Dow Jones Industrial Average (DJI), as it rebounded from an earlier loss to close up 35 points, or 0.3%, at 14,089.66 -- a 0.6% gain for the week. Eighteen of the Dow's 30 members finished higher, led by Wal-Mart Stores (NYSE:WMT) and Walt Disney (NYSE:DIS), which each added 1.4%. Bringing up the rear was Caterpillar (NYSE:CAT), swallowing a 1.1% loss.
The S&P 500 Index (SPX) also closed higher, up 3.5 points, or 0.2%, at 1,518.20. The tech-rich Nasdaq Composite (COMP) added 9.6 points on the day, or 0.3%, to finish the week at 3,169.74. Since last Friday's close, the SPX is up 0.2% while the COMP has gained 0.3%.
The CBOE Market Volatility Index (VIX) suffered a modest pullback, shedding 0.2 point, or almost 1%, to settle at 15.36. For the week, the index added 8.4%.
A Trader's Take:
"Much of the intraday reversal followed a slew of mixed economic data early on," noted Bell. "The most positive report had to be the better-than-expected February ISM manufacturing index, which came in at its highest level since June 2011. Meanwhile," he continued, "we have finally reached the March 1 spending-cut deadline and it doesn't appear the world is going to come to an end. Although most people aren't expecting any sort of last-minute agreement tonight, the markets still churned higher."
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