"The market held tough today after yesterday's huge move higher," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Volume was light, as traders took a step back ahead of Friday's employment data." The Dow Jones Industrial Average (DJI) hovered south of breakeven for most of the session, ending modestly lower on the day. Meanwhile, the S&P 500 Index (SPX) moved to its highest point on record intraday, but closed slightly in the red.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,360.18) ended slightly lower on the day, after trading below the flat line for the bulk of the session. By the closing bell, the blue-chip index was down 35.7 points, or 0.2%. A dozen of the Dow's components finished higher, with Goldman Sachs Group Inc (NYSE:GS) leading the charge, up 1.9%. Exxon Mobil Corporation (NYSE:XOM) paced the declining majority with its 2.8% drop.
The S&P 500 Index (SPX - 1,873.81) finished in the red by a hair, down 0.1 point, but not before tagging a new intraday high of 1,876.53. The Nasdaq Composite (COMP - 4,357.97) outperformed its index peers, adding 6 points, or 0.1%, into the close. Intraday, the index reached another near-14-year high of 4,362.50.
The CBOE Volatility Index (VIX - 13.89) slipped on the day, settling with a decline of 0.2 point, or 1.5%, after trading in a relatively wide range between 14.32 and 13.81.
A Trader's Take:
"Technology continued to lead today, which was good to see," added Detrick. "Overall, it was a nice, slow day after the big gains on Tuesday. So many times we've had a big day and then a big dump. Today's price action was rather encouraging, as it showed that buyers are still in control. Today felt more like a buyers' strike rather than anything to do with sellers."
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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