"Earnings season really heated up today, with a lot of big names reporting. For the most part, the results were pretty good," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "We were also greeted with a decent GDP number for the fourth quarter, and we made up most of yesterday's losses." The Dow Jones Industrial Average (DJI) bounced 110 points higher today, recovering more than half of Wednesday's decline.
Continue reading for more on today's market, including:
Aside from a brief blip into negative territory, the Dow Jones Industrial Average (DJI - 15,848.61) traded above breakeven for the session, closing with a gain of 109.8 points, or 0.7%, erasing much of yesterday's 190-point deficit. Nike Inc (NYSE:NKE) paced the Dow's 25 advancing stocks with a gain of 3%, while The Boeing Company (NYSE:BA) again brought up the rear, dropping 2.5% on the day.
The S&P 500 Index (SPX - 1,794.19) reversed yesterday's losses -- and then some -- and inched into positive territory for the week. By the close, the SPX had added 20 points, or 1.1%. Elsewhere, the Nasdaq Composite (COMP - 4,123.13) also undid Wednesday's pullback, settling on a gain of 71.7 points, or 1.8%.
The CBOE Volatility Index (VIX - 17.29) managed to hold above the 17 level, giving back 0.1 point, or 0.4%, by the close.
A Trader's Take:
"After all the turmoil with emerging markets and international currencies, market volatility has certainly picked up without much directional movement so far this week," Bell added. "Major market indexes sit just above their December 2013 lows, but we are starting to see signs of significant short-term pessimism surrounding this market. These are similar fears that characterized most pullbacks that occurred during the bull market over the past couple of years. "
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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