The day ends with a mild gain as the Dow Jones Industrial Average (DJIA) recoups 62 of the 81 points lost yesterday. A look to the intraday chart shows a modest rally following the release of the Fed minutes but that run quickly ran out of steam and the Dow drifted back to pre-release levels. Earlier we saw that the Nasdaq Composite (COMP) and Russell 2000 (RUT) were leading the broad market indices and that held into the close. The COMP gained over 1% while the Russell 2000 (RUT) gained close to 2%.
The sector action maintained an upside bias with bonds ending as the only real decliner. A few groups, such as biotech, drugs, and oil, mulled around breakeven while the rest of the pack was higher. Brokers, oil services and semiconductors were the strongest groups.
For the most part, my overall views are the unchanged. Yesterday I looked at the daily charts of the broad market indices and noted the short-term uptrends. The relatively quiet upside action today leaves the trends intact. And that is where I will pick up in the morning. Have a nice evening...
Chart Courtesy of Thomson Financial
| Index |
Index Value |
Point Change |
Percent Change |
| S&P 500 (SPX) |
934.7 |
7.3 points |
0.78 percent |
| Dow Jones Industrial Average (DJIA) |
9015.1 |
62 points |
0.69 percent |
| Nasdaq Composite (COMP) |
1652.4 |
24.3 points |
1.50 percent |
| Russell 2000 (RUT) |
514.7 |
9.7 points |
1.92 percent |
| CBOE Market Volatility Index (VIX) |
38.56 |
-0.52 points |
-1.3 percent |
Charts Courtesy of Thomson Financial
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