Stocks started the week on a positive note, with the Dow Jones Industrial Average (DJI) rallying to a new record high by midday. A stronger-than-forecast earnings report from Citigroup Inc (NYSE:C) helped set the bullish tone, while traders also cheered merger-and-acquisition developments in the pharmaceutical sector. By the time the closing bell sounded, the DJI was planted back above 17,000, while the market's "fear index" was solidly lower.
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The Dow Jones Industrial Average (DJI - 17,055.42) ended the day on a gain of 111.6 points, or 0.7%, after hitting a fresh all-time peak of 17,088.43 earlier in the session. Visa Inc (NYSE:V) led the 25 advancing Dow components with a 1.9% rise, while Merck & Co., Inc. (NYSE:MRK) shed 0.4% to pace the five decliners.
The S&P 500 Index (SPX - 1,977.10) closed up 9.5 points, or 0.5%, after touching a session high of 1,979.85 -- within 6 points of its own all-time record. The Nasdaq Composite (COMP - 4,440.42) peaked just north of the 4,450 level on an intraday basis before settling on a gain of 24.9 points, or 0.6%.
The CBOE Volatility Index (VIX - 11.82) tumbled right out of the gate today, eventually closing on a deficit of 0.3 point, or 2.2%. As a result, the VIX ended its short-lived, two-session streak above its 50-day moving average.
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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