"In a reversal of fortune, small-caps showed leadership today after lagging throughout most of 2014," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There were plenty of economic reports released today, but none seemed to shake the market too much. The jobless claims news wasn't very impressive, and the housing data showed a slight increase in existing home sales, after three straight months of declines." Against this backdrop, the Dow Jones Industrial Average (DJI) opened south of breakeven -- and traded in a tight range throughout the session -- but ultimately closed with modest gains.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,543.08) traded in a 76-point range today -- and visited both sides of the flat line -- before ultimately closing up 10 points, or less than 0.1%. Nike Inc (NYSE:NKE) and The Home Depot, Inc. (NYSE:HD) both gained 0.9% to pace the blue-chip index's 18 advancers, while The Coca-Cola Company (NYSE:KO) brought up the rear with a 0.7% drop.
The S&P 500 Index (SPX - 1,892.49) gained 4.5 points, or 0.2%, as it advanced upon the 1,900 level once again. Meanwhile, the Nasdaq Composite (COMP - 4,154.34) outperformed its peers with a 22.8-point, or 0.6%, gain.
The CBOE Volatility Index (VIX - 12.03) fell to an annual low of 11.68 around midday, but surged into the closing bell, ending in positive territory. The market's "fear gauge" closed up 0.1 point, or 1%, placing it back above the 12 mark.
A Trader's Take:
"The Russell 2000 Index (RUT) continues to maintain support at its former 2014 low hit in February," noted Bell. "We've experienced quite a bit of volatility this week, but the markets have still struggled to make a meaningful move in either direction."
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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