"We saw some nice follow-through today after yesterday's strong session, which was a good sign," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "For the second day in a row, banks had solid earnings, with Bank of America Corp (NYSE:BAC) coming through this time with strong results. Also, I was impressed with the Empire State manufacturing data, which came in way better than expected. The horrible jobs number last week has everyone worried about the economy, and rightfully so. Still, this was a nice sign that the economy could be just fine." Meanwhile, the Dow Jones Industrial Average (DJI) secured another triple-digit advance, while the S&P 500 Index (SPX) tagged record intraday and closing highs.
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The Dow Jones Industrial Average (DJI - 16,481.94) spent another session in positive territory, and finished 108.1 points, or 0.7%, higher on the day. The Dow's 24 advancers were led by JPMorgan Chase & Co. (NYSE:JPM) -- which gained 3% -- while Merck & Co., Inc. (NYSE:MRK) paced the six laggards with a drop of 0.9%.
The S&P 500 Index (SPX - 1,848.38) tagged a record intraday peak of 1,850.84 around 11:00 a.m. ET, and added 9.5 points, or 0.5%, for the session -- eking out an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 4,214.88) reached another 13-year intraday peak of 4,218.79, and ended the day with a gain of 31.9 points, or 0.8%.
Elsewhere, the CBOE Volatility Index (VIX - 12.28) was parked south of breakeven for much of the session, but ended up finishing flat with yesterday's close.
A Trader's Take:
"The SPX hit new all-time highs, and while we all know the index is very overbought, that doesn't mean it has to violently pull back," Detrick said. "There are two ways a market can correct -- in price and in time. Well, it sure looks like the market is correcting in time so far in 2014, which again, is perfectly healthy."
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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