The Dow Jones Industrial Average (DJI) skyrocketed out of the gate and never looked back, as traders cheered apparent progress between Russia and Ukraine. Among equities in focus, discount retailers headlined Merger Monday, after Dollar General Corp. (NYSE:DG) outbid Dollar Tree, Inc. (NASDAQ:DLTR) for Family Dollar Stores, Inc. (NYSE:FDO), offering $78.50 per share in cash. The deal-making bolstered optimism about the collective corporate pocketbook, and upbeat housing data was merely icing on the proverbial cake. By the close, the Dow secured a solid triple-digit lead, while the Nasdaq Composite (COMP) notched a 14-year high.
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The Dow Jones Industrial Average (DJI - 16,838.74) maintained solid ground throughout the session, eventually settling near an intraday peak, up 175.8 points, or 1.1%. In fact, the blue-chip barometer landed atop its 20-day moving average for the first time since July 24. Merck & Co., Inc. (NYSE:MRK) led the four declining black sheep, down 0.3%, while United Technologies Corporation (NYSE:UTX) paced the advancing majority with a 2.3% gain.
The S&P 500 Index (SPX - 1,971.73) also finished near a session high, tacking on 16.7 points, or 0.9%. The Nasdaq Composite (COMP - 4,508.31) followed suit, adding 43.4 points, or 1%, to end just shy of its freshly recorded 14-year high of 4,509.16.
The CBOE Volatility Index (VIX - 12.32) gave up 0.8 point, or 6.3%, marking its lowest close since July 24.
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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