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.
Continue reading for more on today's market, including:
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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