"After the European Central Bank announcement came and passed, all eyes were on this morning's nonfarm payrolls report," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "While the number didn't blow out expectations, the report showed a continuation of the slow jobs growth that we have become accustomed to. The market continued its momentum from yesterday, as small-cap stocks displayed strong leadership for the second day in a row." Meanwhile, both the S&P 500 Index (SPX) and the Dow Jones Industrial Average (DJI) kept their streak of new highs alive, visiting uncharted territory in intraday trading and settling at brand-new peaks.
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The Dow Jones Industrial Average (DJI - 16,924.28) closed at its all-time intraday high, gaining 88.2 points, or 0.5%, on the day. On a weekly basis, the index rallied 1.2%. American Express Company (NYSE:AXP) led the Dow's 21 advancers with a 2.3% gain; Pfizer Inc. (NYSE:PFE) slipped 1.1% to pace the nine decliners.
The S&P 500 Index (SPX - 1,949.44) also closed at its high-water mark of the day, moving up 9 points, or 0.5%. Not to be left out, the Nasdaq Composite (COMP - 4,321.40) rose 25.2 points, or 0.6%. This week, the SPX rose 1.3% -- ending the week in new-high territory -- while the COMP gained 1.9%.
Contrarily, the CBOE Volatility Index (VIX - 10.73) closed at its intraday low, hitting its lowest point since February 2007. On the day, the market's "fear gauge" dropped 1 point, or 8.1%, and lost 5.9% for the week.
A Trader's Take:
"The Russell 2000 Index (RUT) once again showed relative strength and finished the week on a very strong note," added Bell. "With most major indexes continuing to make new all-time highs, the small-caps still have a lot of catching up to do."
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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