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Resilient Dow Jones Industrial Average Edges Higher

The DJI started off slow, but powered above breakeven in afternoon trading

by 7/11/2014 4:19:23 PM
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Stocks started out this morning on a less-than-stellar note, but the Dow Jones Industrial Average (DJI) broke into positive territory in the final hours of the trading day, after Atlanta Fed President Dennis Lockhart said the central bank should maintain record-low interest rates through mid-2015. Plus, with concerns over Portugal's banking system alleviated by a reassuring statement from Banco Espirito Santo, traders in the U.S. followed the cautiously optimistic lead of their European counterparts. As a result, the major equity indexes pared their weekly losses, and wrapped up the session on a resilient note.

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

Trading Topic of the Week -- Ways to Interpret Short Interest: Look at option activity. Speculative action can offer an interesting context for short interest, adding a further dimension to your overall sentiment analysis.

The Dow Jones Industrial Average (DJI - 16,943.81) edged up 28.7 points, or 0.2%, after exploring an 89-point range on both sides of breakeven. Once again, Verizon Communications Inc. (NYSE:VZ) led the day's advance with a 1.4% gain, but General Electric Company (NYSE:GE) was right behind with a 1.3% rise. Nineteen Dow members ended higher, while Chevron Corporation (NYSE:CVX) paced the 11 falling blue chips with a 1.4% pullback. For the week, the Dow gave back 0.7%.

The S&P 500 Index (SPX - 1,967.57) crept to a gain of 2.9 points, or 0.2%, and ended the week on a loss of 0.9%. The Nasdaq Composite (COMP - 4,415.49) fared the best today, tacking on 19.3 points, or 0.4%. However, on a weekly basis, the COMP swallowed the steepest drop of 1.6%.

The CBOE Volatility Index (VIX - 12.08) wrapped up the session on a deficit of 0.5 point, or 4.1%. For the week, the "fear index" still managed to jump 17.1%.



5 Items on Our Radar Today:

  1. Trading was halted today in shares of CYNK Technology Corp (OTCMKTS:CYNK), as officials with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) began to investigate the stock's meteoric 24,000% rise within the last month. CYNK, which has reported no revenue, boasted a market cap of more than $4 billion as of Thursday's close. The SEC's trading halt, sparked by the agency's concerns over "potentially manipulative transactions," extends through July 24. (Reuters)
  2. NBA star LeBron James announced his plans to rejoin the Cleveland Cavaliers for the upcoming season, sparking a frenzy of activity on microblogging site Twitter Inc (NYSE:TWTR). According to social analytics site Topsy, there were approximately 384,000 tweets about "King James" in the hour surrounding the big reveal. (CNBC)
  3. Footwear specialist Finish Line (NASDAQ:FINL) stumbled lower on the heels of a negative analyst note, ending the session on a drop of 4.3%.
  4. Merger buzz sent the shares of Lorillard Inc. (NYSE:LO) to historic heights, which may have inspired some shareholders to lock in paper profits.
  5. Discount retailer, Inc. (NASDAQ:OSTK) stumbled to a new annual low -- and broke a key support level along the way.

For a look at today's options movers and commodities activity, head to page 2.

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