"After all the concerns Fed Chair Janet Yellen's comments stirred up late yesterday, the market showed a lot of resolve today, shrugging off the downward momentum," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The market was also helped along by a few better-than-expected economic reports, led by the Philadelphia Fed survey that crushed estimates." The Dow Jones Industrial Average (DJI) started the session on rocky ground, but quickly surged above the breakeven point, ultimately closing solidly higher.
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The Dow Jones Industrial Average (DJI - 16,331.05) bounced out of the red during the first hour of trading and continued to shuffle in positive territory through the close, ending with a gain of 108.9 points, or 0.7%. AT&T Inc. (NYSE:T) was 3.4% higher today, pacing the Dow's 25 advancers, while Visa Inc (NYSE:V) dropped 0.9% to bring up the rear.
The S&P 500 Index (SPX - 1,872.01) swung higher from an early morning pullback, closing with a gain of 11.2 points, or 0.6%. The tech-heavy Nasdaq Composite (COMP - 4,319.29) was in the green as well, adding 11.7 points, or 0.3%. Month-to-date, the Dow, SPX, and COMP are all in positive territory.
The CBOE Volatility Index (VIX - 14.52) moved slightly lower as equity indexes advanced. The "fear barometer" closed with a loss of 0.6 point, or 4%.
A Trader's Take:
"Despite all the worry and uncertainty with regard to Ukraine and just when exactly the Fed will raise interest rates, most major indexes are just off their all-time highs," added Bell. "Financials and technology have been the best-performing sectors over the past couple of days, and are continuing to show strong leadership."
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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