"Action ahead of the open was rather dull and there was a bit of intraday movement throughout the day, but by the end of the session most major benchmarks finished near where they started," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Once again, it was notable that small-caps and technology stocks underperformed. This is a scenario that has played out more often than not during the past few weeks." The Dow Jones Industrial Average (DJI) popped higher out of the gate, but wrapped up the session with a whimper.
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The Dow Jones Industrial Average (DJI - 16,572.55) hit a new record peak of 16,604.15 in early trading, but finished a choppy session on a loss of just 0.5 point. Seventeen of the Dow's 30 components closed higher, led by a 2% bounce for Intel Corporation (NASDAQ:INTC); meanwhile, Microsoft Corporation (NASDAQ:MSFT) paced the 13 decliners with a 0.8% drop.
The S&P 500 Index (SPX - 1,888.77) turned in a similar performance, tapping an all-time best of 1,893.80 before ending on a loss of 2.1 points, or 0.1%. The Nasdaq Composite (COMP - 4,237.74) fared the worst of the three major benchmarks, giving up 38.7 points, or 0.9%.
The CBOE Volatility Index (VIX - 13.37) ticked higher, rising 0.3 point, or 2.1%. However, the "fear index" notched its third consecutive daily close beneath former support at 13.50.
A Trader's Take:
"After making new all-time highs, the major indexes seem to be hovering near these levels as some investors take money off the table and others look to chase the rally," noted Bell. "Many market participants will also look to the jobs report tomorrow morning, as they continue to monitor the health of the U.S. economy in the midst of the Fed's tapering efforts."
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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