"Janet Yellen did a perfect Ben Bernanke impression in her Congressional testimony today," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "The new Federal Reserve chairwoman toed the line perfectly by discussing an improving economy, but saying we shouldn't expect a rate hike anytime soon. The bears were out in full force just seven days ago. Seriously, a week ago many of the big-name bears were all over TV warning of the impending emerging markets sell-off that would grip the globe and bring down asset prices along with it. In the end, it looks like yet another 6% dip that scared everyone to death, before a nice move higher." After moving steadily higher throughout the trading day, the Dow Jones Industrial Average (DJI) closed up 193 points and briefly topped the 16,000 level in intraday trading.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,994.77) marched steadily higher out of the gate this morning, ultimately rising to an intraday peak of 16,027.19 shortly before the close. The blue-chip index failed to maintain its footing above this millennium mark, but did end with a gain of 193 points, or 1.2%. All but one of the Dow's 30 components moved higher today; The Boeing Company (NYSE:BA) paced the advancers, rising 2.4%. Cisco Systems, Inc. (NASDAQ:CSCO) was the lone laggard, dropping 0.5% ahead of tomorrow's earnings report.
The S&P 500 Index (SPX - 1,819.75) added 19.9 points, or 1.1%, to finish north of the 1,800 mark for the first time since Jan. 23. The Nasdaq Composite (COMP - 4,191.04) rose 42.9 points, or 1%, and edged into positive territory for the year.
The CBOE Volatility Index (VIX - 14.51) closed below 15 for the first time since Jan. 23, giving back 0.8 point, or 4.9%.
A Trader's Take:
"The S&P 500 Index was able to clear its 50-day moving average, so that is another step in the right direction," continued Detrick. "In the end, though, the best news of all is that the doomsday chanters might just have to wait until the next impending crisis, as the bulls are once again taking charge here."
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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