"After a wild and volatile June, July started off on the right foot," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day where the Dow Jones Industrial Average (DJI) advanced almost half a percent but fell short of the 15,000 level at the closing bell. "The overall economic backdrop today was positive, as manufacturing data out of Europe and the U.S. was better than expected. Given that this is a holiday week, though, I expect to see some muted movement over the next few days until we get to Friday and the monthly employment data."
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Although the Dow Jones Industrial Average (DJI - 14,974.96) didn't manage to overtake the 15,000 level by the close (thanks to a late-day round of selling), it did settle with a gain of 65.4 points, or 0.4%. Of the 30 components of the blue-chip index, 21 were higher on the day, with United Technologies (NYSE:UTX) gaining 1.9% to take the top spot. Pacing the nine decliners was Intel (NASDAQ:INTC), which dropped 1.4%.
The S&P 500 Index (SPX - 1,614.96) edged above its 20-day moving average in intraday trading, but ultimately closed just a hair shy of this trendline, up 8.7 points, or 0.5%. The Nasdaq Composite (COMP - 3,434.49), meanwhile, posted a gain of 31.2 points, or 0.9%.
The CBOE Market Volatility Index (VIX - 16.37) gave back an additional 0.5 point, or 2.9%, to settle at its lowest close since June 10.
A Trader's Take:
"Although it was buried under the headlines, I was very encouraged by Amgen (NASDAQ:AMGN) offering to buy Onyx Pharmaceuticals (NASDAQ:ONXX) at nearly a 40% premium," added Detrick. "This type of activity shows there is confidence in current prices. We haven't seen a lot of merger-and-acquisition activity, but when we do, the prices bigger companies are willing to pay are very substantial."
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