"With the Fed on tap tomorrow and the European Central Bank after that, traders were content to sit this one out, making it a pretty slow day," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Still, the Dow Jones Industrial Average (DJI) was able to post its 16th consecutive positive Tuesday. This is an all-time record for Tuesdays, and is within shouting distance of the Dow's streak of 24 consecutive Wednesday wins posted in 1968."
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After falling nearly 85 points south of Monday's close right out of the gate, the Dow Jones Industrial Average (DJI) began to dig itself out about an hour into the trading day, ultimately closing with modest gains. The index ended at 14,839.80, up 21.1 points, or 0.1%. Half of the Dow's 30 components settled higher on the day, with International Business Machines (NYSE:IBM) taking top honors with a 1.7% gain. At the back of the pack was earnings-plagued Pfizer (NYSE:PFE), which dropped 4.5%. For April, the Dow logged a gain of 1.8%, its fifth consecutive positive monthly finish.
Elsewhere, the S&P 500 Index (SPX) tagged another new closing high, adding 4 points, or 0.3%, to settle at 1,597.57, which was also a new all-time intraday high for the index. Tech stocks were again the favorite, taking the Nasdaq Composite (COMP) to another 12-year peak. At the close, the COMP was up 21.8 points, or 0.7%, at 3,328.79, its intraday high. For the month, the SPX surged 1.8% while the COMP traded 1.9% higher, the sixth positive monthly close for both.
The CBOE Market Volatility Index (VIX) added 6.5% during April, but moved moderately lower today, shedding 0.2 point, or 1.4%, to 13.52.
A Trader's Take:
"The S&P 500 managed another new all-time closing high today," Detrick continued. "Also, April finished solidly in the green for the month. There were a lot of vocal bears earlier this month, but once again, the bulls prevailed. In fact, the SPX is now up six months in a row. We are heading into the dreaded 'Sell in May' period everyone talks about, though, so be on your toes here."
3 Things to Know About Today's Market:
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