The Dow Jones Industrial Average (DJI) was fairly inert today, as investors digested news from Italy and awaited the latest developments from the fiscal-cliff deliberations at home. "There was very little in terms of news and even less market action on the day," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "But although not much happened, I was impressed by how well the U.S. held up given this morning's weakness in European markets. There was a time European worries would decimate U.S. markets, and it's nice to see that tide changing," Detrick continued. "So maybe a boring day was actually a small victory."
Continue reading for more on today's market events, including:
The Dow Jones Industrial Average (DJIA) made it four positive closes in a row, ending Monday's session up 15 points, or 0.1%, after spending the day in a relatively narrow 56-point range. It was an even split among the Dow 30, with 15 closing in the black while 15 settled with losses. Hewlett-Packard (NYSE:HPQ) blazed a trail higher, rising 2.6%, while Home Depot (NYSE:HD) brought up the rear, down 2.2% on the day.
The S&P 500 Index (SPX) managed a modest gain as well, rising half a point to advance further upon the key 1,420 level. Tech managed to keep up with the pack, as well; the Nasdaq Composite (COMP) actually outperformed its peers, gaining 9 points, or 0.3%.
The CBOE Market Volatility Index (VIX) was higher as well, edging up 0.9%, or 0.15 point.
A Trader's Take:
"Today was what we call a coffee day," quipped Detrick. "Meaning ... you'd be better off drinking coffee than watching the market. Nonetheless, we should see some fireworks coming later this week, as the Fed is set to announce its decision on interest rates this Wednesday." Detrick also noted the central bank will offer insight into what they plan to do about the expiration of Operation Twist.
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