"Overall, today's rally was nice for a market that's been absent much strength lately," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The S&P 500 Index (SPX) is now back above the 1,840 area, and small-caps and tech stocks are leading the way. Although we've seen nice momentum, investors will be looking for some continuation as the holiday-shortened week comes to a close tomorrow." After spending most of the session with a triple-digit gain, the Dow Jones Industrial Average (DJI) settled at its intraday peak, extending its winning streak to three sessions.
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The Dow Jones Industrial Average (DJI - 16,424.85) skyrocketed out of the gate, and ultimately settled at its highest point of the session, adding 162.3 points, or 1%. All but four of the Dow's 30 components ended in the black, led by Visa Inc's (NYSE:V) 2.6% gain. UnitedHealth Group Inc. (NYSE:UNH) paced the three decliners, shedding 1.7%, while McDonald's Corporation (NYSE:MCD) finished flat.
The S&P 500 Index (SPX - 1,862.31) also ended at its intraday acme, advancing 19.3 points, or 1.1%, by the close. Not to be outdone, the tech-rich Nasdaq Composite (COMP - 4,086.23) fared the best of its peers, rallying 52.1 points, or 1.3%, to finish within a chip-shot of its session high.
The CBOE Volatility Index (VIX - 14.18) declined for a third straight session, giving up 1.4 points, or 9.2%, by the close.
A Trader's Take:
"Last night, big tech stocks like YHOO and INTC reported earnings, and China issued its gross domestic product report," added Bell. "China's economic news met expectations, and overall the tech sector showed outperformance today. While semiconductor stocks were notable laggards, the biotechnology sector did the heavy lifting today."
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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