"It has been the same story all week," quipped Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There was little in the way of economic data, and the market continued to grind sideways. Other than the initial post-holiday bounce Tuesday morning, most major indexes have struggled to get anything done all week long." Both the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) ended the week and the month in positive territory, tagging new all-time closing highs.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,717.17) visited both sides of the flat line today, but closed in the green, up 18.4 points, or 0.1%, to secure a new all-time closing peak. The blue-chip index rose 0.7% this week and added 0.8% in May. Twenty-two of the Dow's components rose today, with Microsoft Corporation (NASDAQ:MSFT) leading the charge, up 1.5%. Caterpillar Inc. (NYSE:CAT) paced the decliners with a 1.3% drop.
The S&P 500 Index (SPX - 1,923.57) continued its own march into uncharted territory, ending at a new high with a 3.5-point, or 0.2%, gain. The SPX rose 1.2% for the week and 2.1% for the month. Elsewhere, the Nasdaq Composite (COMP - 4,242.62) underperformed its peers, losing 5.3 points, or 0.1%. The index ended the week up 1.4%, however, and closed May with a 3.1% gain.
The CBOE Volatility Index (VIX - 11.40), on the other hand, hit a new annual intraday low of 11.32 before closing with a loss of 0.2 point, or 1.5%. This week, the VIX edged up 0.4%, bringing its monthly loss to nearly 15%.
A Trader's Take:
"We received a pretty good Chicago purchasing managers index (PMI) report this morning, and consumer sentiment was a little worse than expected, but neither affected the market in a very big way," continued Bell. "With many major indexes near all-time highs, we continue to see realized volatility at multi-year lows."
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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