"After last week's rally, it was nice to see the bulls defend their turf and not give back any of the gains," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "News was light, and so were earnings. It seemed like more a buyers' strike than anything. Still, earnings season hits hard this week, so don't expect too many more slow and boring days like this one." The Dow Jones Industrial Average (DJI) traded in a tight range but finished with a modest gain, bouncing back from Friday's slight pullback. The S&P 500 Index (SPX), meanwhile, extended its longest winning streak since October.
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The Dow Jones Industrial Average (DJI - 16,449.25) spent most of the session flirting with modest gains, ultimately settling 40.7 points, or 0.3%, higher. Acquisition-related rumors helped Pfizer Inc. (NYSE:PFE) lead the 17 advancing blue chips, adding 2%. The Walt Disney Company (NYSE:DIS) and UnitedHealth Group Inc. (NYSE:UNH) both lost 1.1% to pace the declining minority.
The S&P 500 Index (SPX - 1,871.89) finished higher for the fifth straight session, tacking on 7 points, or 0.4%. Meanwhile, the tech-rich Nasdaq Composite (COMP - 4,121.55) fared the best of its peers, advancing 26 points, or 0.6%, to notch its fifth consecutive win.
The CBOE Volatility Index (VIX - 13.25) started off strong, but backpedaled into the red in afternoon trading. By the close, the market's "fear barometer" shed 0.1 point, or 0.8%.
A Trader's Take:
"Earnings season has fit the bill once again," added Detrick. "Most names to report have beaten the lowered bar. That is pretty much par for the course anymore, though. What could have much more of a market-moving impact is if names start to miss the lowered bar. I'm not saying that will happen, but should it start to transpire, a big move lower could result."
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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