U.S. stocks rocketed higher out of the gate this morning, as Wall Street applauded a stronger-than-expected nonfarm payrolls report for June. The Dow Jones Industrial Average (DJI) conquered the formerly elusive 17,000 level in short order, and the S&P 500 Index (SPX) is quickly approaching its own round-number target at 2,000. Against this backdrop, both barometers settled the holiday-shortened session at record closing highs.
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The Dow Jones Industrial Average (DJI - 17,068.26) hit a milestone today, topping 17,000 for the first time ever. The blue-chip index touched an all-time peak of 17,074.65 in intraday action, and settled the holiday-shortened session with a gain of 92 points, or 0.5%. Just three of the Dow's 30 components ended lower, with Johnson & Johnson (NYSE:JNJ) leading the laggards with a 0.4% drop. Goldman Sachs Group Inc (NYSE:GS), meanwhile, paced the advancing majority, tacking on 1.5%. Since last Friday, the Dow has added 1.3%.
The S&P 500 Index (SPX - 1,985.44) extended its quest for record highs, as well, tacking on 10.8 points, or 0.6%, after peaking at 1,985.59. The Nasdaq Composite (COMP - 4,485.93) remained in beast mode, extending its winning streak to seven sessions, and adding 28.2 points, or 0.6%, to settle at a fresh 14-year high. Since last Friday, the SPX and COMP have advanced 1.2% and 2%, respectively.
On the flip side, the CBOE Volatility Index (VIX - 10.32) gave up 0.5 point, or 4.6%, in the wake of a solid payrolls report. What's more, the "fear gauge" touched a seven-plus-year low of 10.28 in the final hour of the abbreviated session. Week-to-date, the VIX has surrendered 8.3%.
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The Case for Big Moves in IWM and QQQ
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