"This morning's housing data was actually pretty strong overall, but failed to push the market in any meaningful way at the outset," reported Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The positive news, combined with the fact that many major indexes are trading near technical support areas, was enough to keep the market afloat and finish in positive territory." After two days of triple-digit declines, the Dow Jones Industrial Average (DJI) spent much of the day close to the flat line, but surged higher into the close. Still, both the Dow and the S&P 500 Index (SPX) were slightly lower on a week-over-week basis.
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The Dow Jones Industrial Average (DJI - 16,491.31) hugged the breakeven line for much of the day, but turned markedly higher during the final two hours of the session, closing with a gain of 44.5 points, or 0.3%. It wasn't enough to salvage the week, however; the blue-chip index logged a weekly deficit of 0.6%. Verizon Communications, Inc. (NYSE:VZ) paced the Dow's 19 advancers with a gain of 2.3%, while United Technologies Corporation (NYSE:UTX) brought up the rear, shedding 1% on the day.
The S&P 500 Index (SPX - 1,877.86) also posted a late-session gain, ending up 7 points, or 0.4%, to finish the week just 0.03% lower. The Nasdaq Composite (COMP - 4,090.59) outperformed its peers on a daily and weekly basis, rising 21.3 points, or 0.5%, during today's session, closing 0.5% higher for the week.
The CBOE Volatility Index (VIX - 12.44) pulled back in Friday's trading, shedding 5.5%, or 0.7 point, to settle back south of the 13 level. Week-over-week, meanwhile, the market's "fear gauge" was down 3.7%.
A Trader's Take:
"Given how weak small-caps have been, it was nice to see them shrug off the bad start yesterday and finish near their highs," noted Bell. "It was even more encouraging to see them confirm that support area with a positive day today. We could be in for continued volatility, though, as these past two days haven't delivered much in the way of high trading volume."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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