"The big data point on today's calendar was the Institute for Supply Management (ISM) number that -- when corrected from an earlier reading -- came in just slightly above forecasted numbers," noted Schaeffer's Trading Analyst Peter Bryans. "This wasn't really enough to move the market, and all of the major indexes were mostly flat for the duration of the trading day." Although the day's gains were modest, both the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) rose to new intraday highs and closed in unprecedented territory.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,743.63) traded north and south of the flat line today, but tagged a new all-time intraday high of 16,756.64 and settled at record peak as well, up 26.5 points, or 0.2%. The Dow's 16 advancers were paced by Caterpillar Inc. (NYSE:CAT), which added 1.5%, while Visa Inc (NYSE:V) and Exxon Mobil Corporation (NYSE:XOM) each slipped 0.6% to bring up the rear.
The S&P 500 Index (SPX - 1,924.97) hit a fresh intraday peak of 1,925.88 and eased to a new all-time closing high by the narrowest of margins, closing up 1.4 points, or 0.1%, on the day. The Nasdaq Composite (COMP - 4,237.20), however, underperformed its counterparts and lost 5.4 points, or 0.1%.
The CBOE Volatility Index (VIX - 11.58) closed marginally higher, up 0.2 point, or 1.6%, after hitting a new annual low of 11.29 during the session. The market's "fear gauge" also peeked above the 12 level, above which it hasn't closed since May 22.
A Trader's Take:
"Technically speaking, the iShares Russell 2000 Index (ETF) (IWM) did fill its gap to the downside," added Bryans. "This was the gap that resulted from the initial pop higher that we witnessed at the start of last week's trading. Meanwhile, today's price action was really just more of the same, as the market doesn't make much progress on a day-by-day basis, and large-caps continue to lead. Friday's jobs report will likely prove to be the biggest data point this week."
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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