"This morning, investors were greeted with a pretty poor preliminary gross domestic product (GDP) number for the first quarter of 2014, but it did little to shake their confidence," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The bond market dipped into negative territory and the stock market trudged higher, with many investors hopeful for a better second quarter." While the Dow Jones Industrial Average (DJI) didn't nab a new high -- unlike the S&P 500 Index (SPX) -- the blue-chip bellwether did continue to gain ground, settling modestly higher for the session.
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The Dow Jones Industrial Average (DJI - 16,698.74) closed at its intraday peak, up 65.6 points, or 0.4%, bringing its year-to-date gain to 0.7%. All but five of the Dow's 30 components moved higher today, with Merck & Co., Inc. (NYSE:MRK) leading the charge, up 2.3%. The day's biggest laggard was Cisco Systems, Inc. (NASDAQ:CSCO), down 0.6%.
The S&P 500 Index (SPX - 1,920.03) put another new all-time high in the books, as it also ended the session at its intraday high-water mark. The index added 10.3 points, or 0.5%, by the closing bell. The Nasdaq Composite (COMP - 4,247.95) also rose, climbing 22.9 points, or 0.5%.
After moving higher the past two days, the CBOE Volatility Index (VIX - 11.57) posted a slight decline, shedding 0.1 point, or 0.9%, for its fourth consecutive close below 12.
A Trader's Take:
"Apple Inc. (NASDAQ:AAPL) continues to get a lot of attention, with several analysts reacting positively to the company's purchase of Beats Electronics," added Bell. "The strong momentum in the stock continues, as it has rebounded nicely from its underperformance in 2013 and once again finds itself in the neighborhood of its former all-time high."
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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