"The broad market struggled to stay afloat early on, as news from Bank of America Corp (NYSE:BAC) suspending its previously announced capital actions hit the wires before the open," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "This notably caused the financial sector to lag, but overall it was an extremely mixed day, with small-caps underperforming." The Dow Jones Industrial Average (DJI) traded in a 188-point range and spent time on both sides of the flat line, before ending half a percent higher.
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The Dow Jones Industrial Average (DJI - 16,448.74) started its day solidly higher, dipped into the red by the early afternoon, and ultimately closed up 87.3 points, or 0.5%. Pfizer Inc. (NYSE:PFE) led the Dow's 22 advancers with an M&A-related jump of 4.2%, while Nike Inc (NYSE:NKE) paced the eight decliners, shedding 1.4%.
It was also a rocky session for the S&P 500 Index (SPX - 1,869.43), which swung as high as 1,877 and as low as 1,850 during the day. The large-cap index eventually ended with a gain of 6 points, or 0.3%. The Nasdaq Composite (COMP - 4,074.40) again underperformed, closing down 1.2 points, or less than 0.1%, despite several peeks into positive territory.
The CBOE Volatility Index (VIX - 13.97) settled slightly lower on the day, off 0.1 point, or 0.6%, after hitting an intraday peak of 15.28.
A Trader's Take:
"Despite today's intraday volatility and chaotic price action, many major market indexes are not far from all-time highs," noted Bell. "Also encouraging today was the strength seen amid news of increased merger and acquisition activity in the healthcare sector."
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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