The Dow Jones Industrial Average (DJI) touched a new record high for the third day in a row, as traders cheered a bevy of bullish developments, including: blowout earnings from Intel Corporation (NASDAQ:INTC); a major partnership between Apple Inc. (NASDAQ:AAPL) and its former foe, International Business Machines Corp. (NYSE:IBM); and fresh buyout buzz for media giant Time Warner Inc (NYSE:TWX). Tech stocks were among the day's big gainers -- but a number of social media names struggled for a second session, even though Fed Chair Janet Yellen attempted to strike a softer tone regarding valuation concerns for the group. By the close, the major big-cap indexes were all comfortably higher, while small-caps lagged.
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The Dow Jones Industrial Average (DJI - 17,138.20) rallied 77.5 points, or 0.5%, after touching a record peak of 17,139.35 earlier in the session. With a jump of 9.3%, Intel was far and away the day's best-performing blue chip -- but Microsoft Corporation (NASDAQ:MSFT) added an impressive 3.8%, while IBM closed 2.1% higher. While this tech trio paced the 21 advancing Dow members, Nike Inc (NYSE:NKE) led the nine laggards with a 1.4% pullback.
The S&P 500 Index (SPX - 1,981.57) also closed higher, rising 8.3 points, or 0.4%. The Nasdaq Composite (COMP - 4,425.97) brought up the rear with a gain of 9.6 points, or 0.2%.
The CBOE Volatility Index (VIX - 11.00) took a big hit today, ending on a loss of nearly 1 point, or 8%. It was the VIX's lowest daily close since July 3.
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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