It was a photo finish in the market today, as investors watched whether or not the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) would be able to pull out weekly wins. Both indexes experienced choppy trading and spent time north and south of breakeven, with earnings reports and potential progress in the Russia/Ukraine conflict sharing the spotlight. As market bears try to prevent the major indexes from revisiting historical highs, their bullish counterparts have been able to keep most sell-offs in check. The net result was a modest weekly gain (and a new closing high) for the Dow, and a slight weekly loss for the S&P.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,583.34) traded lower for much of the morning, but gained positive momentum into the close, settling on a gain of 32.4 points, or 0.2%, which was enough to secure a new all-time closing high. The blue-chip index also eked out a weekly gain of 0.4%. McDonald's Corporation (NYSE:MCD) paced the Dow's 18 advancing stocks, rising 1% today, and JPMorgan Chase & Co. (NYSE:JPM) logged a 0.6% drop to bring up the rear. Cisco Systems, Inc. (NASDAQ:CSCO) was unchanged.
The S&P 500 Index (SPX - 1,878.48) had a similar daily trajectory to the Dow, rallying into the close after a lackluster morning. The index finished 2.9 points, or 0.2%, higher, but ended the week with a 0.1% loss. The Nasdaq Composite (COMP - 4,071.87) closed in the black for the first time since Monday, adding 20.4 points, or 0.5%. On a weekly basis, however, the tech-rich index gave back nearly 1.3%.
The CBOE Volatility Index (VIX - 12.92) started the morning above the flat line, but trended steadily lower throughout the day, closing off 0.5 point, or 3.8%. The market's "fear gauge" ended just shy of its intraday low -- and south of the 13 level -- but edged up 0.1% on the 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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