"After selling off sharply over the past several days, the market finally rebounded a bit," summed up Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Stocks initially paused in response to this morning's economic data, but rebounded in late-afternoon trading to finish near their intraday highs." The Dow Jones Industrial Average (DJI) traded in positive territory the entire session, closing with a gain of 101 points.
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The Dow Jones Industrial Average (DJI - 14,760.31) gapped 10 points higher out of the gate and never looked back, continuing to trek through positive territory until closing up 100.8 points, or 0.7%. In late-afternoon action, the index peaked at 14,812.03, just south of its 80-day moving average. Of the Dow's 30 members, 26 moved higher today, led by Bank of America (NYSE:BAC), which rallied 3%. Pacing the four losers was UnitedHealth Group (NYSE:UNH), which surrendered 1.4%.
Also spending the entire day in the green was the S&P 500 Index (SPX - 1,588.03), ultimately closing up 14.9 points, or nearly 1%. The Nasdaq Composite (COMP - 3,347.89) fought back from early sluggishness to end with a gain of 27.1 points, or 0.8%. Unlike its index peers, the COMP managed to muscle back above its 80-day trendline.
On the flip side, the CBOE Market Volatility Index (VIX - 18.47) gapped down to 18.65 at the open and trended solidly lower throughout the session. By the closing bell, the VIX had given back 1.6 points, or 8.2%. At its intraday low of 17.82, the index slipped a notch below its 10-day trendline.
A Trader's Take:
"The best thing about today's market? We stopped going down," quipped Bell. "This morning, the market was greeted with a very good consumer confidence number -- its highest since January 2008 -- and better-than-expected housing data. By the close, most major sectors were in the green."
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