"We had a nice bounce back after Thursday's bloodbath," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "Although there wasn't any big news on the day, the fact that it was a Friday and we didn't see any big selling ahead of the weekend has to be considered a victory." But try as it may, the Dow Jones Industrial Average (DJI) stayed below breakeven for the week.
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 12,640.78) reclaimed a portion of the previous session's deficit, climbing 67.2 points, or 0.5%, by the closing bell. All but three of the 30 blue chips ended with wins, as Microsoft (MSFT) and Merck (MRK) led the outperforming majority with gains of 1.9% each. Wal-Mart (WMT) settled with a 0.6% drop, while Caterpillar (CAT) edged fractionally lower. Exxon Mobil (XOM) remained unchanged. For the week, the Dow dipped nearly 1%.
The S&P 500 Index (SPX – 1,335.02) finished in the black today, moving 9.5 points, or 0.7%, higher. With the best performance of its fellow benchmarks, the Nasdaq Composite (COMP – 2,892.42) jumped 33.3 points, or 1.2%. Over the past five sessions, the SPX surrendered 0.6%, while the COMP finished with a 0.7% rise.
The CBOE Market Volatility Index (VIX – 18.11) tripped back below 20 today, and tallied a 9.8% decline by the time the dust settled. The market's fear gauge lopped off 14.2% on the week -- its lowest weekly close since late April.
Today's highlight: "I'll be filling in writing our Monday Morning Outlook this coming week, so be on the lookout for it this weekend," said Detrick. "I discuss why we still think we're making a major bottom, and why higher prices could be in the cards over the coming months."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
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