"After the heavy list of economic data yesterday, we had the producer price index (PPI) numbers and the Thomson Reuters/University of Michigan consumer sentiment index today," summarized Schaeffer's Trading Analyst Peter Bryans. "The latter came in lower than expected, and discretionary names continued to be laggards." The Dow Jones Industrial Average (DJI) nevertheless managed to close in positive territory, though it posted a weekly loss after two days of heavy selling activity.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,775.74) closed 41.6 points, or 0.3%, higher, but remained below its 10-day moving average and ended 0.9% lower for the week. Seventeen of the Dow's 30 components rose on the day, led by Intel Corporation (NASDAQ:INTC), which surged 6.8%. Pacing the 10 decliners was Wal-Mart Stores, Inc. (NYSE:WMT), which logged a 0.6% drop. Three names -- The Walt Disney Company (NYSE:DIS), Johnson & Johnson (NYSE:JNJ), and JPMorgan Chase & Co. (NYSE:JPM) -- were unchanged on the day.
The S&P 500 Index (SPX - 1,936.16) managed to bounce 6.1 points, or 0.3%, into the green, but also settled with a weekly loss, shedding 0.7% since last Friday. The Nasdaq Composite (COMP - 4,310.65) rose 13 points, or 0.3%, but ended the week down 0.2%.
The CBOE Volatility Index (VIX - 12.18) slipped 0.4 point, or 3%, but managed to close a week north of 12 for the first time since mid-May. Week-over-week, the market's "fear gauge" rose 13.5%.
A Trader's Take:
"Overall, the market was rather slow and ended up closing lower on the week," added Bryans. "Arguably the best thing about this week was that the iShares Russell 2000 Index (IWM) broke back above its year-to-date breakeven level, and has held this price area as of late."
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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