"What can you say, the market continues to hold up," mused Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Today was a pretty boring session, but in the end it was probably nice for the market to catch its breath after the rally it has had during the past two weeks. Overall, the big headlines this week have been earnings, and that will continue next week." Against this backdrop, the Dow Jones Industrial Average (DJI) finished the day -- and week -- in positive territory.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,570.28) experienced some choppy price action, but managed to stay in the green for the entire session. By the end, the index was up 61.1 points, or 0.4%, to close just below its intraday high. Microsoft Corporation (NASDAQ:MSFT) led the Dow's 21 advancers with an earnings-induced gain of 6%, while The Procter & Gamble Company's (NYSE:PG) 0.8% loss paced the eight decliners. Pfizer Inc. (NYSE:PFE) remained unchanged. For the week, the blue-chip bellwether added 1.1%.
Similarly, the S&P 500 Index (SPX - 1,759.77) was parked north of breakeven throughout the day, and managed to tag a record intraday peak of 1,759.82 just before closing 7.7 points, or 0.4%, higher. The SPX also notched an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 3,943.36) finished with a gain of 14.4 points, or 0.4% -- touching another 13-year intraday high of 3,961.10 along the way. The indexes tacked on 0.9% and 0.7% for the week, respectively.
Elsewhere, the CBOE Volatility Index (VIX - 13.09) spent most of the session in positive territory, but edged down 0.1 point, or 0.8%, by the closing bell. On a weekly basis, the "fear barometer" gained 0.4%, but finished a second consecutive week below its 20-week moving average.
A Trader's Take:
"Amazon.com, Inc. (NASDAQ:AMZN) reported explosive revenue growth, and that sparked a huge gap and move to new highs for the shares," Detrick noted. "This, of course, pushed the Nasdaq once again to new 13-year highs. You can't argue with that. The other group we like is small-caps. The Russell 2000 (RUT) was up for its eighth week in a row. That is very significant, because nine is the all-time record, most recently achieved in 1996. This year has seen many records go down, so stay tuned to see if that is the next record to fall."
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For a look at today's options movers and commodities activity, head to page 2.
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