The Dow Jones Industrial Average (DJI) enjoyed its sixth straight triple-digit move, adding more than 100 points for the second session in a row. More specifically, the blue-chip barometer tacked on 138 points, as Wall Street waxed optimistic ahead of tomorrow's central-bank policy statement. "It's all about the Fed," stated Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After Monday's late-day sell-off on rumors that the Fed will announce tapering, most participants quickly forgot about the report and bought most sectors across the board. The majority of investors don't believe there will be any major changes, but will definitely be tuning in to get a glimpse of when the infamous tapering might begin."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI) rallied 138.4 points, or 0.9%, to 15,318.23, ending north of its 10-day and 20-day moving averages for just the second time in June. Among the Dow's 30 components, all but Merck (NYSE:MRK) and Microsoft (NASDAQ:MSFT) finished in the black. Leading the pack was General Electric (NYSE:GE), which tacked on 2.4% by the close.
The S&P 500 Index (SPX) toppled its own 10-day and 20-day trendlines for the first time since late May, adding 12.8 points, or 0.8%, to end at 1,651.81. Meanwhile, the Nasdaq Composite (COMP) gained 30 points, or 0.9%, to finish at 3,482.18.
The CBOE Market Volatility Index (VIX) traded in a relatively tight range of less than 0.5 point, swallowing a loss of 0.2 point, or 1.1%, to settle at 16.61.
A Trader's Take:
"We quickly rebounded from yesterday's afternoon sell-off, and this morning's inflation data did nothing to detract the buying," remarked Bell. "With the consumer price index (CPI) not showing any signs of high inflation, it could keep the Fed's foot on the gas pedal for just a bit longer."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.