"There was very little data or news to move the market today, but the major benchmarks still produced a sizeable gain regardless," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "In what has become familiar for market participants, small-caps underperformed, and large-caps led the way." Indeed, the Dow Jones Industrial Average (DJI) rallied throughout the session, closing with a triple-digit gain and near its intraday peak.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,533.06) spent the entire day in the green, moving slowly and steadily higher all the way through the closing bell. All told, the blue-chip index gained 158.8 points, or nearly 1%. All but two of the Dow's 30 components moved higher today, paced by Goldman Sachs Group Inc (NYSE:GS), which gained 1.9%. At the back of the pack was AT&T Inc. (NYSE:T), which edged 0.7% lower.
The S&P 500 Index (SPX - 1,888.03) also had a strong day, rising 15.2 points, or 0.8%, and popping back above its 10-day moving average. The tech-laden Nasdaq Composite (COMP - 4,131.54) bounced as well, adding 34.6 points, or 0.9%.
The CBOE Volatility Index (VIX - 11.91) took a tumble amid the market's move higher. The "fear gauge" slipped more than 1 point, or 8.1%, on the day, notching an intraday low of 11.80 and putting in its lowest close since last August.
A Trader's Take:
"The SPX and Russell 2000 Index (RUT) both continue to hold near their respective support areas," added Bell. "While the S&P 500 has traded within a tight range during the past month, the small-cap index is in the midst of testing its former 2014 low."
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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