"There was little in the way of news today, and most major sectors made very small moves," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After the strong run-up in small-caps over the past several trading sessions, it was clear that market participants were taking a bit of a pause." The Dow Jones Industrial Average (DJI) spent most of the session just south of breakeven, but closed ever-so-slightly in the black to secure another new closing high.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,945.92) was in the red for most of the day, but popped into positive territory just before the close. The index's 2.8-point gain was enough to put another new closing high in the books. The Dow's 16 advancers were led by Intel Corporation (NASDAQ:INTC), which gained 1.2%. International Business Machines Corp. (NYSE:IBM) paced the declining minority with a 1% drop.
On the other hand, the S&P 500 Index (SPX - 1,950.79) stayed below breakeven into the closing bell, settling off 0.5 point but holding above the critical 1,950 level. The Nasdaq Composite (COMP - 4,338.00) edged into the green, rising 1.8 points.
The CBOE Volatility Index (VIX - 10.99) traded on both sides of the flat line today but closed slightly lower, off 0.2 point, or 1.4%, to move back south of 11.
A Trader's Take:
"While many of the leaders in recent days struggled a bit, some of the consumer staples and more defensive names held up relatively well," added Bell. "Overall, it was a pretty lackluster day for stocks, with very little movement."
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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