"It was nice to see some strong earnings from the tech sector, as reports from both Apple Inc. (NASDAQ:AAPL) and Facebook Inc (NASDAQ:FB) were very solid," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "All we've heard lately is how tech could be in a bubble. Well, one major difference between now and 2000 is tech companies are growing and making a lot of money. Then throw in a strong durable goods report, and the economy continues to show signs of improvement, even as so many expect it to falter now that quantitative easing is slowing." In today's trading, the Dow Jones Industrial Average (DJI) danced around the breakeven level for much of the trading day before finishing the session unchanged.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,501.65) traded as high as 16,541.26 and as low as 16,452.30 before ultimately ending the day right where it started. Half of the blue-chip index's components moved higher today, led by Caterpillar Inc.'s (NYSE:CAT) 1.8% advance. Meanwhile, Intel Corporation (NASDAQ:INTC) settled flat, while Verizon Communications Inc. (NYSE:VZ) logged a 2.4% loss to pace the 14 decliners.
The S&P 500 Index (SPX - 1,878.61) was in positive territory for most of the session, but added just 3.2 points, or 0.2%, by the close. The Nasdaq Composite (COMP - 4,148.34) was powered higher on earnings news, gaining 21.4 points, or 0.5%, by the closing bell.
The CBOE Volatility Index (VIX - 13.32) edged higher, adding 0.05 point, or 0.4%, marking its second consecutive gain.
A Trader's Take:
"Tech led the way today thanks to AAPL, but the other major indexes were flat on the day," added Detrick. "When you consider the recent six-consecutive-day bounce, two days' worth of pauses isn't a bad thing. Technically speaking, the SPX is up near the March peak around 1,888, so some type of a breather right here makes sense. Tonight is another huge one on the earnings front, so be ready for a lot of individual stock volatility tomorrow."
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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