"As ugly as yesterday was, the bulls came back swinging today," remarked Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Kind of reminds you of 2013, huh? Earnings season kicked off today with JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) posting quarterly results. Although neither of them did much, the overall market is looking forward to another better-than-expected earnings season, as expectations once again look way too low." Against this backdrop, the Dow Jones Industrial Average (DJI) bounced back with a triple-digit gain, and snapped its four-day losing streak.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,373.86) was parked in the black for the entire session, and ended up closing 115.9 points, or 0.7%, higher. The Dow's 26 advancers were led by Intel Corporation's (NASDAQ:INTC) analyst-induced gain of 4%, while The Boeing Company (NYSE:BA) paced the four decliners with a loss of 0.5%.
The S&P 500 Index (SPX - 1,838.88) also spent the day in positive territory, and was up 19.7 points, or 1.1%, by the closing bell. Meanwhile, the Nasdaq Composite (COMP - 4,183.02) -- which touched a 13-year intraday high of 4,183.84 -- advanced 69.7 points, or 1.7%, for the session.
Elsewhere, the CBOE Volatility Index (VIX - 12.28) faltered right out of the gate, and went on to finish 1 point, or 7.5%, lower on the day.
A Trader's Take:
"Retail sales came in a little better than expected," Detrick noted. "After the very sluggish jobs number last week, many are worried the economy could be slowing before our eyes. Well, today's retail data shows that might not be the case quite yet. Also, under the surface, small-caps had a huge day. You have to love small-caps leading, and once again, we saw this happen today."
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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