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Dow Jones Industrial Average Rebounds, S&P Tags Record High

CMG, AAPL, and HLF dominated headlines today

by 7/22/2014 4:17:09 PM
Stocks quoted in this article:

The major market indexes rebounded from Monday's dip, as the latest round of earnings and economic reports wowed the Street. Chipotle Mexican Grill, Inc. (NYSE:CMG) was among the companies in the headlines, rallying to a record high in the wake of encouraging earnings and a subsequent batch of bullish brokerage notes. On the economic front, the U.S. housing market improved by more than expected last month, while the latest inflation stats were roughly in line with estimates. As domestic data points overshadowed geopolitical tensions in Gaza and Ukraine, the S&P 500 Index (SPX) touched a new all-time peak, while the Dow Jones Industrial Average (DJI) enjoyed a 62-point rise.

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The Dow Jones Industrial Average (DJI - 17,113.54) flirted with modest gains throughout the session, adding 61.8 points, or 0.4%, by the close. Intel Corporation (NASDAQ:INTC) led the 20 advancing equities once again, tacking on 2.1%. Travelers Companies Inc (NYSE:TRV) suffered a post-earnings swoon of 3.8%, pacing the nine decliners, while Microsoft Corporation (NASDAQ:MSFT) finished flat ahead of earnings.

The S&P 500 Index (SPX - 1,983.53) advanced 9.9 points, or 0.5%, after earlier notching an all-time high of 1,986.24. The Nasdaq Composite (COMP - 4,456.02) fared the best of its peers, gaining 31.3 points, or 0.7%.

The CBOE Volatility Index (VIX - 12.24) retreated 0.6 point, or 4.5%, but remained north of 12 for the fourth straight session.

CLOSING SUMMARY  INDICES

CLOSING SUMMARY  NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Despite international efforts to negotiate a cease-fire in Gaza, a rocket attack near Tel Aviv's airport caused the Federal Aviation Administration to ban U.S. flights to Israel. (USA Today)
  2. Existing home sales grew 2.6% in June, to a seasonally adjusted annual rate of 5.04 million, according to the National Association of Realtors. The pace of acceleration topped consensus estimates, and marked the fastest rate of growth in eight months. Meanwhile, the consumer price index (CPI) rose 0.3% in June, the Labor Department reported, due to higher gas prices. The core CPI -- which excludes food and energy costs -- rose 0.1%. Economists were calling for the CPI and core CPI to rise 0.3% and 0.2%, respectively. (MarketWatch; CNBC)
  3. A U.S. appellate court delivered a potential blow to "Obamacare," ruling that anyone who enrolled in insurance plans via federal exchanges -- more than 5 million people -- can't receive tax subsidies under the Affordable Care Act. The D.C. court wrote that it reached its ruling "frankly, with reluctance," as it will probably "have significant consequences" for both individuals and the broad health insurance market. The case is likely on its way to the Supreme Court. (FOX Business)
  4. Optimism is running high ahead of tomorrow night's earnings report from Facebook Inc (NASDAQ:FB).
  5. On the flip side, pre-earnings option players are wary of The Boeing Company (NYSE:BA) and Sprint Corporation (NYSE:S).
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

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