"The European Central Bank's (ECB) decision to cut rates seemed to push the market higher today," noted Schaeffer's Trading Analyst Peter Bryans. "Stocks were in the black across the board, and the S&P 500 Index (SPX) scored another all-time closing high." In the same vein, the Dow Jones Industrial Average (DJI) settled at a record peak, tacking on 99 points by the closing bell.
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The Dow Jones Industrial Average (DJI - 16,836.11) spent nearly all of Thursday's session in positive territory, hitting a new all-time intraday peak of 16,845.81 and closing at a new high as well, up 98.6 points, or 0.6%. All but three of the blue-chip index's components ended the day higher, led by Caterpillar Inc.'s (NYSE:CAT) 2.5% jump. UnitedHealth Group Inc. (NYSE:UNH) settled at the back of the pack, down 0.9%.
Also tagging fresh intraday and closing highs was the S&P 500 Index (SPX - 1,940.46), which registered its highest-ever reading of 1,941.74 before closing just south of this mark, up 12.6 points, or 0.7%. The Nasdaq Composite (COMP - 4,296.23) rallied as well, gaining 44.6 points, or 1.1%.
The CBOE Volatility Index (VIX - 11.68) dipped back below the 12 mark, losing 0.4 point, or 3.3%, on the day.
A Trader's Take:
"Small-caps were the leaders once again, as the iShares Russell 2000 Index (IWM) seems to be making a sustained breakout from its downtrend that began in early March," added Bryans. "It was a 'risk-on' day, with many of the high-beta names in the Nasdaq also leading the large-cap S&P and Dow components. As always -- from a trader's perspective -- we will be waiting to see how the market reacts to the nonfarm payrolls data tomorrow, and not focusing on whether it's a 'good' or 'bad' number."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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