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Daily Wrap-up - A 76-Point Gain for the Dow Jones Industrial Average

11/2/2009 4:42 PM
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The day ends with the Dow Jones Industrial Average (DJIA) up 76 points. However, the overall picture was somewhat mixed. While the S&P 500 (SPX) rallied with the Dow, the Nasdaq Composite (COMP) and Russell 2000 (RUT) were closer to flat.

The Amex Biotech Index (BTK), Regional Bank HOLDRS (RKH), and US Oil Fund (USO) led while the PowerShares Clean Energy ETF (PBW), iShares Treasury Bond (TLT), and Dow Jones Transport Index (.TRAN) lagged.

My midday post noted the midday reversal and the intraday chart below shows the afternoon rebound. The Dow ended up recouping about half of the morning rally but, as noted above, the COMP and RUT lagged. This leaves the Nasdaq Composite still perched on its early October lows. The S&P 500 is also testing its lows from a month ago. The Russell 2000 failed in its test of support so it is worth watching whether we see confirmation from the other indexes. At it lows today, the S&P 500 was just a few points from its 80-day moving average so that is something to keep in mind as well. And that is where I will pick up in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

Index	Index Value	Point Change	Percent Change
S&P 500 (SPX)	1042.9	6.7 points	0.65 percent
Dow Jones Industrial Average (DJIA)	9789.4	76.7 points	0.79 percent
Nasdaq Composite (COMP)	2049.2	4.1 points	0.20 percent
Russell 2000 (RUT)	562.4	-0.4 points	-0.07 percent
CBOE Market Volatility Index (VIX)	29.78	-0.91 points	-3.0 percent

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

-posted by Nick Perry
11/2/2009 4:42 PM

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