The Dow Jones Industrial Average (DJI) spent most of the session cautiously higher, but made a decisive move into the black in the wake of the Federal Open Market Committee (FOMC) meeting minutes. While members voted to maintain the status quo on tapering, some central bank officials made a case for a "relatively prompt" rate hike in light of an improving job market. Wall Street will hone in on the Fed again on Friday, when Chair Janet Yellen will speak at the policymakers' annual symposium in Jackson Hole, Wyoming. By the time the dust settled, the Dow tacked on 60 points, the Nasdaq Composite (COMP) touched another new peak, and the S&P 500 Index (SPX) came within a stone's throw of an all-time closing high.
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The Dow Jones Industrial Average (DJI - 16,979.13) gained 59.5 points, or 0.4%, as 22 of its 30 components ended higher. The Home Depot, Inc. (NYSE:HD) led the advancers for a second day, adding 2.9%, while Microsoft Corporation (NASDAQ:MSFT) paced the eight laggards with a 0.8% retreat.
The S&P 500 Index (SPX - 1,986.51) tacked on 4.9 points, or 0.3%, to settle just below its all-time closing high of 1,987.98. The Nasdaq Composite (COMP - 4,526.48) touched a 14-year peak of 4,533.01 in intraday action, but an eleventh-hour pullback snapped the tech-rich index's winning streak, with the COMP landing 1 point, or 0.02%, lower.
The CBOE Volatility Index (VIX - 11.78) fell 0.4 point, or 3.5%, to mark its first finish south of 12 since July 24.
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The Case for Big Moves in IWM and QQQ
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