"Here's the easiest way to sum up today -- buyers in the morning, sellers in the afternoon," quipped Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "In the end, and with many other global markets closed for May Day, it was a slow day on light volume. The S&P 500 Index (SPX) continues to flirt with the 1,880 area, but it just can't get a clear break above it yet." The Dow Jones Industrial Average (DJI), meanwhile, spent much of the session south of breakeven and closed with a modest loss.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,558.87) was confined to an 80-point range today, spending time both in positive and negative territory, but ultimately closed with a 22-point, or 0.1%, loss. Pacing the Dow's 23 decliners today was International Business Machines Corp. (NYSE:IBM), which lost 1.5%. Leading the seven advancers, meanwhile, was Merck & Co., Inc. (NYSE:MRK), up 1.8% today.
The S&P 500 Index (SPX - 1,883.68) fought hard into the close, but settled on a loss of 0.3 point, or less than 0.1%. Meanwhile, the Nasdaq Composite (COMP - 4,127.45) outperformed its index peers, gaining 12.9 points, or 0.3%.
The CBOE Volatility Index (VIX - 13.25) stumbled further on the day, giving back 0.2 point, or 1.2%, by the close.
A Trader's Take:
"Usually, the day after the Fed policy statement will see a big move in the other direction," added Detrick. "Given we bounced Wednesday after the Fed, today's action was more constructive, as most of the losses were muted. Still, with most of the world on holiday and the monthly jobs data due out tomorrow -- today was a catch-your-breath type of 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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