"News was fairly light, but that didn't stop the S&P 500 Index (SPX) from making a new all-time high -- can't complain there," quipped Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Although volume was still light, with traders getting ready for the monthly jobs data tomorrow, you have to be impressed with the resiliency of the bulls here. It seems like ages ago when Russia and Ukraine were hitting futures on Sunday night -- now it is almost like that didn't even happen." Against this backdrop, the Dow Jones Industrial Average (DJI) moved modestly higher on the day, and is within 1 percentage point of entering positive territory for 2014.
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The Dow Jones Industrial Average (DJI - 16,421.89) was in positive territory for the entirety of the session, and closed with a gain of 61.7 points, or 0.4%. American Express Company (NYSE:AXP) led the 25 Dow advancers, rising 1.5% on the day. Pfizer Inc. (NYSE:PFE) paced the five decliners with its 0.9% loss.
The S&P 500 Index (SPX - 1,877.03) rallied to an all-time intraday high of 1,881.94 before closing with a 3.2 point, or 0.2%, gain, putting another record close in the books. In a reversal of Wednesday's outperformance, the Nasdaq Composite (COMP - 4,352.13) lagged its index brethren, ending the session with a loss of 5.8 points, or 0.1%.
The CBOE Volatility Index (VIX - 14.21) popped above the 14 level today, closing with a modest gain of 0.3 point, or 2.3%.
A Trader's Take:
"Financials had another solid day, and the Financial Select Sector SPDR Fund (XLF) made a new multi-year high in the process," Detrick continued. "Remember, financials had lagged most of this year, and it was probably holding the overall market back somewhat. Now this influential group is starting to show strength, and that bodes well for the current bull run."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The One Overseas Market That's Trending Higher in 2014
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