"Investors are waiting to digest several key economic reports this week, and retail sales failed to impress this morning," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The overall reaction of the market was that this report didn't show much renewed strength from consumers after a terrible winter. In response, we saw a mixed day from stocks and strength in bonds." Still, this didn't stop the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) from reaching new all-time intraday highs, though both had slightly pared their respective gains by the close.
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The Dow Jones Industrial Average (DJI - 16,715.44) peaked at a new all-time high of 16,735.51 about an hour into the session, but pared some of its gains by the close. At the bell, the blue-chip index was up 20 points, or 0.1%, securing a new all-time closing high as well. Microsoft Corporation (NASDAQ:MSFT) led the Dow's 17 outperforming names, rising 1.8%, while CSCO brought up the rear, losing 1.4% today.
The S&P 500 Index (SPX - 1,897.45) also reached a new peak -- hitting 1,902.17 this morning -- before settling fractionally higher, up 0.8 point, at another new closing high. The Nasdaq Composite (COMP - 4,130.17) lagged its peers, which was reminiscent of last week. The tech-laden index ended the session off 13.7 points, or 0.3%.
The CBOE Volatility Index (VIX - 12.13) spent time on both sides of breakeven --visiting an intraday low of 12.05 mid-morning -- before ultimately closing down 0.1 point, or 0.8%.
A Trader's Take:
"We continue to see rumors of mergers and acquisitions out there," continued Bell. "The latest reports are that AT&T Inc. (NYSE:T) is close to offering $50 billion for DIRECTV (NASDAQ:DTV), which would be a major deal in the telecommunications sector. It's a good sign that companies with tons of cash on their balance sheets continue to see big-time value in this market."
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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