"In what seemed almost like a repeat of yesterday, we had another round of earnings reports and major market averages finished in mixed fashion," quipped Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Telecom names and energy stocks both performed quite well, while the materials sector definitely underperformed. Overall, we still seem to be in a consolidation period, as participants digest the slew of earnings reports." The Dow Jones Industrial Average (DJI) finished lower on the day once again, underperforming its index peers.
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The Dow Jones Industrial Average (DJI - 16,373.34) spent its day in the red, ultimately closing 41.1 points, or 0.3%, lower. Eleven of the Dow's components closed higher, led by The Boeing Company's (NYSE:BA) 1.9% gain. Pacing the 19 laggards was International Business Machines Corp. (NYSE:IBM), which suffered an earnings-induced drop of 3.3%.
The S&P 500 Index (SPX - 1,844.86) inched higher on the day, closing up 1.1 points, or almost 0.1%. The Nasdaq Composite (COMP - 4,243.00) was the day's outperformer, gaining 17.2 points, or 0.4%, and notching its highest close since July 2000.
The CBOE Volatility Index (VIX - 12.84) spent a healthy chunk of Wednesday's session in positive territory, but closed fractionally lower, off less than 0.1 point, or 0.2%.
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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