"Volatility and mixed price action continue, but we had another strong Tuesday today," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Coming into today, 15 of the last 17 Tuesdays have been positive, and today did not disappoint. Amid slightly worse-than-expected consumer confidence data, it was nice to see technology stocks show some strength after weeks of outperformance. Biotech, in particular, was among the top performers, and helped lift the sector as a whole." The Dow Jones Industrial Average (DJI) was in positive territory the entire day -- a change from Monday's tumultuous session -- and closed within 100 points of its all-time high.
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The Dow Jones Industrial Average (DJI - 16,535.37) continued to move higher in Tuesday's trading, closing up 86.6 points, or 0.5%. Merck & Co., Inc. (NYSE:MRK) rallied 3.6% on earnings news to lead the Dow's 20 advancers. The Coca-Cola Company (NYSE:KO), meanwhile, brought up the rear, shedding 1.1% despite a positive brokerage initiation this morning.
The S&P 500 Index (SPX - 1,878.33), also moved higher, tacking on 8.9 points, or 0.5%, to approach the critical 1,880 level. The Nasdaq Composite (COMP - 4,103.54) outperformed, rallying 29.1 points, or 0.7%.
The CBOE Volatility Index (VIX - 13.71) retreated further south of the 14 level, giving back 0.3 point, or 1.8%, on the day.
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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