The major market indexes stair-stepped steadily higher today, with Wall Street taking the glass-half-full approach to conflicts overseas. While the U.S. launched airstrikes at Iraqi rebels, and Israel and Hamas wasted no time resuming rocket attacks, traders breathed a collective sigh of relief amid reports that Russian troops are backing away from the Ukraine border. By the close, the Dow Jones Industrial Average (DJI) was up triple digits and back into the black for the week.
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The Dow Jones Industrial Average (DJI - 16,553.93) blazed a steady trail higher, ending near its session peak and clawing its way to a weekly gain of 0.4%. By the close, the index tacked on nearly 186 points, or 1.1%, as all but Microsoft Corporation (NASDAQ:MSFT) and Intel Corporation (NASDAQ:INTC) settled in the black. Leading the advancing majority was The Home Depot, Inc. (NYSE:HD), which added 2.4%.
The S&P 500 Index (SPX - 1,931.59) took a similar path, gaining 22 points, or 1.2%, to settle just off its intraday acme. The Nasdaq Composite (COMP - 4,370.90) tacked on 36 points, or 0.8%. For the week, the SPX added 0.3%, while the tech-rich COMP gained 0.4%.
The CBOE Volatility Index (VIX - 15.77) gave up 0.9 point, or 5.3%, after running into familiar resistance in the 17-17.50 region. For the week, the market's "fear gauge" surrendered 7.4%.
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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