The DJIA soared nearly 250 points at the open, thanks to a bounce in Chinese stocks and hope that Greece will strike a deal
Buyers flocked back into the market today, with the
Dow Jones Industrial Average (DJIA) jumping almost 250 points at the open. While the bullish momentum cooled as the session progressed, the blue-chip barometer and its peers still notched modest gains. Helping stoke the risk-on attitude was
a rebound in China's equities market, as well as optimism
Greece will reach an eleventh-hour deal. Meanwhile, Alcoa Inc (NYSE:AA)
kicked off second-quarter earnings season on a positive note -- creating
a potentially bullish signal for the broad market. Looking ahead, analysts will continue to keep an eye on overseas developments tomorrow, but
a midday speech from a major Fed official is also likely to garner some attention.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,548.62) jumped to a 249-point lead out of the gate, but spent the rest of the session paring these gains. By the close, the blue-chip barometer was up 33.2 points, or 0.2%. Twenty-one of the Dow's 30 components gained ground, led by Travelers Companies Inc's (NYSE:TRV) 1.3% pop. Apple Inc. (NASDAQ:AAPL) paced the nine decliners with its 2% drop.
The S&P 500 Index (SPX - 2,051.31) also took a 28-point bounce at the open, before closing 4.6 points, or 0.2%, higher. The Nasdaq Composite (COMP - 4,922.40) performed the best of its peers, adding 12.6 points, or 0.3%, after earlier enjoying a 72-point lead.
After spending most of the session in the red, the CBOE Volatility Index (VIX - 19.97) topped the round-number 20 mark for the first time since Feb. 2 in late-day action, eventually settling with a 0.3 point, or 1.6%, advance.
5 Items on Our Radar Today:
- Chicago Fed President Charles Evans -- a noted dove -- said he thinks the central bank should delay raising interest rates until mid-2016, versus his previous outlook for early next year. Given the current risks from global markets, Evans said "A little more time doesn't hurt." (Reuters)
- Following yesterday's shutdowns at the New York Stock Exchange (NYSE), United Continental Holdings Inc (NYSE:UAL), and The Wall Street Journal, the U.S. Department of Agriculture's website was down earlier. The source of the outage has yet to be released. (MarketWatch)
- Procter & Gamble Co (NYSE:PG) will sell the majority of its beauty products business to Coty Inc (NYSE:COTY) for $12.5 billion -- a historic feat for the consumer products giant.
- Put volume has accelerated on AAPL and Twitter Inc (NYSE:TWTR) in recent weeks, with speculators gambling on near-term downside.
- For the second time in as many weeks, this rare signal popped on the S&P 500 Index (SPX).
Commodities:
Crude oil snapped its five-day losing streak, thanks to a rebound in Chinese markets and a lack of resolution in Iran's nuclear arms negotiations. By the close, August-dated crude was up $1.13, or 2.2%, at $52.78 per barrel.
Gold futures closed lower today, as the dollar strengthened and the equities markets rose. At session's end, gold for August delivery was down $4.30, or 0.4%, at $1,159.20 per ounce.