"Markets were up just slightly for the day, as participants digested the ADP employment number, which came in below what many were forecasting," noted Schaeffer's Trading Analyst Peter Bryans. "The S&P 500 Index (SPX) managed to make a new intraday high, although it was almost entirely unnoticed. The European Central Bank meeting tomorrow will be big, and then the nonfarm payrolls number and unemployment rate on Friday will round off the economic calendar for the week." While the Dow Jones Industrial Average (DJI) spent some time on both sides of the flat line, it resolved to the upside, posting a modest gain.
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The Dow Jones Industrial Average (DJI - 16,737.53) traded lower for the early portion of the day, before heading into the green ahead of the noon hour. By the close, the blue-chip index had tacked on 15.2 points, or 0.1%. Travelers Companies Inc (NYSE:TRV) led the Dow's 16 advancers with a 1.4% advance; General Electric Company (NYSE:GE) was the worst for wear, shedding 0.9%.
The S&P 500 Index (SPX - 1,927.88) tagged a new all-time intraday high of 1,928.63 before closing up 3.6 points, or 0.2%, to end at a new closing peak as well. The Nasdaq Composite (COMP - 4,251.64) outperformed its index peers, rising 17.6 points, or 0.4%.
The CBOE Volatility Index (VIX - 12.08) added 0.2 point, or 1.8%, to close north of the 12 level for the first time since May 22. On a weekly basis, the market's "fear barometer" has added 6%.
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