"The consumer price index (CPI) -- a measure of inflation -- came in above the forecasted number," noted Schaeffer's Trading Analyst Peter Bryans. "Perhaps the increase in prices reflects the Federal Reserve's long-term goals to stimulate demand in the economy and the market took this as a bullish sign. Housing starts and building permits, which are considered two 'leading' economic indicators, were also right about in-line with estimates. Tomorrow, market participants will be listening closely to the Fed's policy statement, which is followed by Janet Yellen's press briefing." Ahead of these events, the Dow Jones Industrial Average (DJI) moved slightly higher, ending the session near its intraday peak.
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The Dow Jones Industrial Average (DJI - 16,808.49) opened the session below breakeven, but settled with a modest gain of 27.5 points, or 0.2%. The move wasn't quite enough to power the blue-chip index above its 10-day moving average, which is perched near 16,833. Half of the Dow's components moved higher on the session, paced by The Home Depot, Inc. (NYSE:HD) and Goldman Sachs Group Inc (NYSE:GS), which each gained 1.4%. Pacing the declining 15 names were Wal-Mart Stores, Inc. (NYSE:WMT), DuPont (NYSE:DD), Exxon Mobil Corporation (NYSE:XOM), and Johnson & Johnson (NYSE:JNJ), which all slipped 0.5%.
The S&P 500 Index (SPX - 1,941.99) continued to advance on the 1,950 level, rising 4.2 points, or 0.2% to edge north of its own 10-day trendline. The Nasdaq Composite (COMP - 4,337.23) slightly outperformed its peers, adding 16.1 points, or 0.4%.
The CBOE Volatility Index (VIX - 12.06) dipped 0.6 point, or 4.7%, ending the session at its intraday low but maintaining a foothold north of the 12 mark.
A Trader's Take:
"Higher-beta, small-cap names in the Russell 2000 Index (RUT) led the larger-cap SPX and Dow names, and financials were the leading sector," Bryans continued. "The iShares Russell 2000 Index (IWM) continues to make a strong move in positive year-to-date territory."
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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