"We had a pretty decent jobless claims report this morning and mixed earnings results across the board. Overall, the market didn't make much of a move in either direction after a lot of intraday whipsaw action," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "On a day without much movement, it was nice to see small-caps and high-beta technology stocks assume a bit of a leadership role. After a tough first couple of weeks in April, it was encouraging to see a little strength going into the holiday weekend." The Dow Jones Industrial Average (DJI) ended with a modest loss -- but closed the week solidly higher -- while the S&P 500 Index (SPX) rallied to its best weekly finish since July.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,408.54) snapped its three-day winning streak by a narrow margin, but closed 2.4% higher for the week. At today's close, the index was down 16.3 points, or 0.1%, after spending time on both sides of breakeven. Leading the Dow's 19 advancers was General Electric Company (NYSE:GE), up 1.7% today. Pacing the 11 decliners was International Business Machines Corp. (NYSE:IBM), which slipped 3.3% following its earnings news.
The S&P 500 Index (SPX - 1,864.85) settled higher on the day, adding 2.5 points, or 0.1%. The Nasdaq Composite (COMP - 4,095.52), meanwhile, rose 9.3 points, or 0.2%. Week-over-week, the SPX rallied 2.7% -- erasing last week's 2.6% drop -- while the COMP advanced 2.4%.
The CBOE Volatility Index (VIX - 13.36) continued to falter, losing 0.8 point, or 5.8%. The market's "fear gauge" closed south of the 13.50 mark for the first time since April 3. Week-over-week, the VIX dropped 21.6%.
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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