"This morning, Citigroup Inc (NYSE:C) reported better-than-expected earnings, and last month's retail sales report came in above the consensus," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Despite this positive news for these sectors, we didn't see really strong outperformance from financial stocks or retail names. Many of the high-beta names and tech stocks showed relative strength early on before facing some choppy activity during the afternoon." Up nearly 160 points at its intraday peak, the Dow Jones Industrial Average (DJI) enjoyed a solid triple-digit gain into the close.
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The Dow Jones Industrial Average (DJI - 16,173.24) spent the session in the green and gained 146.5 points, or 0.9%, by the close, settling just shy of its intraday peak. All but three of the Dow's components moved higher on the day, led by Visa Inc (NYSE:V), which added 2.2%. At the back of the pack were Merck & Co., Inc. (NYSE:MRK) and JPMorgan Chase & Co. (NYSE:JPM), which each slipped 0.6% on the day.
The S&P 500 Index (SPX - 1,830.61) bounced up 14.9 points, or 0.8%, to close a chip-shot south of its daily high. The Nasdaq Composite (COMP - 4,022.69) moved back above the 4,000 mark, and settled the day with a gain of 23 points, or 0.6%.
Following last week's 22% jump, the CBOE Volatility Index (VIX - 16.11) slipped back south of the 17 level today. By the close, the "fear barometer" had given back 0.9 point, or 5.4%.
A Trader's Take:
"We were definitely able to curb that downward momentum that occurred late last week, and the major indexes managed to close near their intraday peaks following a late-session surge," noted Bell. "With earnings season now underway, market participants will be looking forward to several catalysts in the coming weeks."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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